# Rivus Fleet Solutions Limited (04383521)

> Why UK company 04383521 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/04383521

- **Status:** Administration ended
- **Administration began:** 2024-06-21
- **Administrators' firm:** PwC
- **Formerly:** BT Fleet Limited
- **Incorporated:** 2002-02-27
- **Location:** Leeds
- **Industry:** 45200 Maintenance and repair of motor vehicles

## Why it went into administration

- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Sustained trading losses
- Funding withdrawn / unable to refinance

## From the administrators' statement

The Company was established in 2002 and initially known as BT Fleet Solutions Limited, a subsidiary of BT, to provide fleet management services, repairs and maintenance. It was later acquired by private equity investor, Aurelius, in 2019 and subsequently rebranded as Rivus. In 2020, Aurelius expanded the Group through the acquisition of Pullman Fleet Solutions Limited from Wincanton plc. The Group structure (as shown at Appendix A) is such that Rivus Midco Limited serves as the immediate parent holding company for the Company and Pullman, which operate collectively under the Rivus brand focusing on LCV and HGV respectively.

Until September 2023, the Company managed BT's fleet, accounting for 70% of the Company’s revenue. However, this contract was not renewed by BT, who decided to transfer the service to Holman Holdings Europe Limited. In November 2023, the Company started six long-term contracts with the MPS as their sole provider, with MPS becoming the Company’s primary business. Alongside the MPS, the Company also supplied services to critical infrastructure providers such as National Grid UK Limited (“NG”) and National Highways Limited (“NH”). NG did not solely rely on the Company for its services. Regarding NH, following a re-tender process in which the Company was unsuccessful, NH began the process of transitioning to an alternative provider at the end of March 2024.

In addition to the contractual customer relationships named above, the Company provided pay as you go services to retail customers.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/04383521/filing-history/MzQyNzA2NDgwNmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/04383521

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.