Fears grow for vehicle rental firm

Fears are growing over the financial future of TOM Vehicle Rental following speculation the Airdrie firm could be on the verge of entering administration.

The troubling rumours come just 15 months after Equistone Partners Europe took a “majority stake” in the Browns burn industrial estate-based firm in a deal believed to be worth “tens of millions of pounds”.

But as the Advertiser went to press, reports suggest TOM – which employs more than 500 people across 10 depots nationwide – could be on the brink of collapse, with professional services firm Ernst & Young confirming it is “assessing options” with TOM.

Founded as a single site providing MOTs back in 1991, TOM hires out commercial vans, cars, trucks and trailers to public and private customers.

Just two years ago, the firm was named one of the 1000 fastest-growing companies in Britain.

Airdrie & Shotts MSP Alex Neil is concerned by the speculation over the firm’s future, telling the Advertiser: “It would be a tragedy for the workforce in Airdrie, and Scotland as a whole, if a previously successful and well-run business was brought to its knees by a private equity company.

“I have spoken with Keith Brown, cabinet secretary for the economy and jobs, and he has promised to do everything he can to help.”

An Ernst & Young spokesperson said: “Ernst & Young can confirm it is working with TOM Group Limited assessing options for the business.”