Wrightbus searching for investors after ‘financial downturn’

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Wrightbus reported a £1.5m pre-tax profit in its latest accounts

Manufacturer is working with Deloitte and considering restructuring options

Wrightbus has confirmed in a statement on its website that it is working with professional services network Deloitte to ‘explore the potential of bringing onboard an investor.’

Sky News, which broke the story, said that the company is losing approximately £15m annually, its source adding that it may need a cash injection of over £30m to bounce back into the green.

The Ballymena-based bus manufacturer’s latest accounts reported a £1.5m pre-tax profit however, down from £10.7m in 2016.

Wrightbus’ statement read: “As Wrightbus continues to expand its global customer base, there is increased complexity to tailor our products to the climate, territory and operating characteristics of our diverse customer base.

“To strengthen the company’s ability to accelerate its development of these new technologies Deloitte is working with the company to explore the potential of bringing on board an investor.

“This is to ensure that the skills and talents of our Ballymena workforce continue to deliver cutting-edge transport vehicles to our customers near and far.

“The company continues to win new business and this is evident in the recent uptake of our zero emission fuel cell vehicles bolstering a strong 2019 order book.”