Adam Smith has secured a deal to take over Black Velvet Travel

One of Velvet's recognisable purple buses

One of Velvet's recognisable purple buses

First published in News Daily Echo: Photograph of the Author Exclusive by , Senior reporter

A NEW buyer has taken over a Hampshire bus company two weeks after it went bust.

Velvet - which traded as Black Velvet Travel Ltd - went into administration on July 16 after financial pressures and increased competition meant it was unable to survive.

But today administrators announced new owner Adam Smith has secured a dealt to rescue the company and promised it will keep its name.

It will continue to run the will continue to operate routes A, S1, S2, B4, M and 503.

A statement released by administrators Chantrey Vellactott said: “Adam Smith, who has many years of experience in the bus industry, has completed a deal to take over the company, two weeks on from stepping in to run services on an interim basis after seeing news of Black Velvet Travel ceasing operation after running into financial difficulty.”

Chantrey Vellacott restructuring specialist Terry Evans stressed it will secure the long-term future of bus services across the community and added: “We're delighted a deal has been completed - safeguarding the long-term future of Velvet buses, its bus services in the community, along with jobs,”

“We've been working with Black Velvet Travel for around two months and always held out hope during this time that there was a future for the company.”

“We appreciate the support and patience of all parties involved in this process and we are confident Black Velvet Travel is now well placed to move forward.”

Comments (10)

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4:26pm Fri 1 Aug 14

yellowhedgepig says...

Mickey Mouse Company
Mickey Mouse Company yellowhedgepig
  • Score: -10

4:32pm Fri 1 Aug 14

thwestend says...

Great news. I always make a point of using Velvet when I can - fun and friendly drivers and one of the first in this area to use social media to provide real-time updates. Clean buses too.
Great news. I always make a point of using Velvet when I can - fun and friendly drivers and one of the first in this area to use social media to provide real-time updates. Clean buses too. thwestend
  • Score: 10

4:54pm Fri 1 Aug 14

__KTF__ says...

Buses Excetera as rumoured then.
Buses Excetera as rumoured then. __KTF__
  • Score: 3

5:12pm Fri 1 Aug 14

Northamboy says...

Ok I give up.............. who is Adam Smith?
Ok I give up.............. who is Adam Smith? Northamboy
  • Score: -1

5:32pm Fri 1 Aug 14

essexman2 says...

Northamboy wrote:
Ok I give up.............. who is Adam Smith?
Adam Smith wrote " Th Wealth of Nations" but Is long dead. He can't be that one, so must be someone else
[quote][p][bold]Northamboy[/bold] wrote: Ok I give up.............. who is Adam Smith?[/p][/quote]Adam Smith wrote " Th Wealth of Nations" but Is long dead. He can't be that one, so must be someone else essexman2
  • Score: 0

6:07pm Fri 1 Aug 14

sotonbusdriver says...

http://www.adamsmith
.com/index.html
http://www.adamsmith .com/index.html sotonbusdriver
  • Score: 0

6:26pm Fri 1 Aug 14

mike coll says...

Please stop this rubbish, I remember hants and dorset buses, the privatisation of the buses and trains has robbed the U.K of national treasures, I live in a country where the buses are run by the county, and the trains by the country,
There is nothing wrong with that.
Please stop this rubbish, I remember hants and dorset buses, the privatisation of the buses and trains has robbed the U.K of national treasures, I live in a country where the buses are run by the county, and the trains by the country, There is nothing wrong with that. mike coll
  • Score: 13

1:50am Sat 2 Aug 14

Dave Of The South says...

Velvet didn't actually go into administration or go bust. They simply ceased trading. No formal documents were processed by the time Adam Smith stepped in & showed an interest. That is why they were allowed to carry on as they were not stripped of any operators licence. Please get the facts right!
Velvet didn't actually go into administration or go bust. They simply ceased trading. No formal documents were processed by the time Adam Smith stepped in & showed an interest. That is why they were allowed to carry on as they were not stripped of any operators licence. Please get the facts right! Dave Of The South
  • Score: -1

1:54am Sat 2 Aug 14

Dave Of The South says...

This actually explains it all, so read through the blogs. http://sotonbus.blog
spot.com/2014/07/blu
estar-hands-m-back-t
o-velvet.html?showCo
mment=1406032776130#
c1346574912286501765 Phil Stockley was the Former owner of Velvet before the sale.
This actually explains it all, so read through the blogs. http://sotonbus.blog spot.com/2014/07/blu estar-hands-m-back-t o-velvet.html?showCo mment=1406032776130# c1346574912286501765 Phil Stockley was the Former owner of Velvet before the sale. Dave Of The South
  • Score: 0

8:07am Sat 2 Aug 14

Tony Blair's Accountant says...

I saw a bus once.
I saw a bus once. Tony Blair's Accountant
  • Score: 0

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