MPS acquires assets of fleet management company
The Metropolitan Police Service (MPS) has taken over the assets of Rivus Fleet Solutions after the fleet management company went into administration.
The MPS was the company’s main customer, representing more than 85 per cent of its business.
The force will now deliver elements of the service in-house.
Tim Higgins, Jane Steer and Zelf Hussain of PwC were appointed as joint administrators of Rivus Fleet Solutions on June 21.
Immediately following appointment, a sale of the majority of the company and its assets “was transacted to the MPS in a deal that safeguards 165 jobs and secures the delivery of crucial services to the MPS”.
Headquartered in Birmingham, the company provided fleet management and repairs and maintenance services for fleets of light commercial vehicles.
Rivus had to undertake a significant restructuring effort in October last year to reduce costs after it lost a major customer.
However, despite securing a major contract with the MPS the following month for “multiple maintenance and repair contracts” for up to ten years, Rivus failed to stabilise its finances.
The MPS’s acquisition of Rivus Fleet Solutions’ assets marks a crucial step in maintaining essential fleet services.
It has more than 5,200 fleet assets on the roads in Greater London, travelling 52 million miles each year.
This sale does not impact Rivus’ sister company, Pullman Fleet Solutions, which continues to trade as Rivus HGV.