Mayflower fighting for survival - could sell TIVNews // April 2, 2004
In a report published earlier this week, Fairplay said three of the group's management - including chief executive John Simpson and finance director DavidDonelly - have recently resigned, in the face of accounting irregularitiesestimated to amount to some £20 million (US$36.3 million).
"These come on top of previously announced irregularities, which have contributed to the issue of the full year accounts being delayed. Apart from its energy division, which operates the Chinese-built Mayflower Resolution, the group has interests in busmanufacturing," noted Fairplay.
Resolution was delivered in December 2003 nearly a year late and is now working on UK offshore farm sites.
Fairplay said the group has been trying for some time to refinance nearly £200 million of debt.
It has been suggested that the energy arm could be sold off as the prospects for the division with the UK's major offshore wind farm development plans are good.
Melrose, a company set up to take over businesses in trouble, is considering making an offer for Mayflower, said Fairplay.