A $22 million piece of Henlys Group bank debt was auctioned off in the 72-74 range early last week as Mayflower ran into trouble. Henlys has a 30% shareholder stake in TransBus, the 70% owned Mayflower subsidiary where accounting irregularities were discovered. The auction went off prior to Mayflower seeking administration, and it could not be determined where the Henlys bank debt would be valued in the wake of that news.
As a result of Mayflower's administration, Henlys is making a full provision against the TransBus investment, according to a company statement. Henlys noted that its lenders remain supportive. Calls to Bill Gillespie, Henlys finance director, were not returned by press time.