Wrights Group acknowledges challenges as it seeks new investor

Wrights Group has issued a statement confirming that consultants Deloittes are working with the company to identify potential investors. The group, which employs around 1,400 people at its Ballymena HQ, says that it has a strong order book for 2019 and is continuing to win new business but needs additional support to enable further development of new technologies.

“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,” says the statement. “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.”

Some media reports have stated that the move involves seeking a buyer to address serious cash flow challenges and DUP MP Ian Paisley Jr says he is seeking a possible intervention from the new UK prime minister Boris Johnson to support the company in the wake of his previous involvement with Wrights for his New Routemasters.

www.wrightsgroup.com

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