TOM Vehicle Rental ‘on the brink of collapse’

A vehicle-hire company employingmorethan500people is teetering on the brink of collapse amid fading hopes of an 11th-hour rescue bid.

Reports last night said that TOM Vehicle Rental,based in Airdrie, could call in administrators within days following a search for new investors.

The company is majorityowned by Equistone Partners Europe, a private equity firm which acquired control a little more than a year ago.

Sources said that accountancy major EY had been conducting a process to bring in new funding to TOM and was being lined up to act as administrator to the business.

The tumble in its financial fortunes comes less than two years after TOM’S founder, Jim Rafferty, was shortlisted for a major entrepreneurship award.

TOM, which provides longterm rentals of vans, trucks, trailers and cars, also operates franchised dealerships under the Mercedes Benz and Citroen brands.