Bus operator enters voluntary insolvency deal

The company said the CVA will allow its bus services to continue

A bus operator providing services across Nottingham and Nottinghamshire has will continue trading after confirming it has entered a company voluntary arrangement (CVA).

Community Transport for Nottingham (CT4N) announced last week it was looking to enter an insolvency process due to "challenging trading conditions".

The decision was unanimously approved by voting creditors, and means 75 staff members will keep their jobs and services for commercial clients and local transport authorities will carry on.

Managing director Barry Allitt said the arrangement would allow it to "move forward with confidence".

"We remain committed to delivering the essential transport services our communities rely on, while protecting the livelihoods of our employees," he said.

"This arrangement provides a sustainable path forward and ensures the best possible outcome for our creditors and stakeholders."

A CVA is a formal insolvency process that allows a company to continue trading as it pays creditors over a fixed period of time, and is used to avoid liquidation or administration.