It has been confirmed that Helmdon based Jeffs Coaches is to close after its parent company Bowen Travel Group went into administration yesterday, Thursday.
Business advisory firm Deloitte announced yesterday evening they had been appointed administrators of the group which operates three coach companies and 38 travel agencies across the UK.
A spokesperson for Deloitte said the firm had been faced with a “serious cash flow crisis.”
Matt Cowlishaw, joint administrator and partner at Deloitte’s said: “After exploring all possible avenues for the future of the group, it became clear that due to lack of funds it would be unable to continue to trade. As a result an orderly closure is being implemented.”
The firm’s 393 employees will be made redundant and will be supported in making claims through the Redundancy Payments Service.
The groups assets will also be sold in order to retrieve as much value as possible for the creditors.