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Rivus Fleet Solutions, the company that provided fleet management and repairs and maintenance services for fleets of light commercial vehicles (LCVs), has gone into administration following a challenging year.
Last week, joint administrators Tim Higgins, Jane Steer, and Zelf Hussain from PricewaterhouseCoopers (PwC) took control of the company.
The trouble for Rivus began in July 2023 when it lost a major customer that contributed around 70% of its revenue. This setback forced Rivus to undertake a significant restructuring effort in October 2023, leading to the closure of 48 LCV garages to reduce costs. Despite securing a major contract with the Metropolitan Police Service (Met) in November 2023, Rivus failed to stabilise its finances.
Immediately after the administrators’ appointment, Rivus struck a deal to sell the majority of its assets to the Met. This transaction safeguarded 165 jobs and ensured the continuation of critical fleet services for the police force. The Met will now deliver elements of these services in-house.
This sale does not impact Rivus’ sister company, Pullman Fleet Solutions Limited, which continues to trade as Rivus HGV.
The Met’s acquisition of Rivus Fleet Solutions’ assets marks a crucial step in maintaining essential fleet services and securing employment for many of Rivus’s staff amid a turbulent market for fleet management services.
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