A manufacturer of specialist vehicles including ambulances and hearses is in talks about an emergency sale as it faces running out of money.

Sky News has learnt that Rutland Partners is working with advisers from Teneo on an accelerated disposal of WNV Tech, which it acquired in 2020.

The company, formerly known as Woodall Nicholson Group, specialises in the production of electric vehicles through a number of subsidiaries, including Vehicle Conversion Specialists (VCS).

Its Coleman Milne division produces electric hearses and limousines.

One industry source said on Thursday that Rutland had injected more than £5m into WNV Tech as recently as the last few months, but that hopes of a solvent sale were receding.

Final bids were understood to have been sought by Teneo several days ago, with the appointment of administrators said to be likely before the end of the month if a buyer is not found.

Be the first to get Breaking News

Install the Sky News app for free

WNV Tech employs 600 people and manufactures vehicles at nine production sites, according to its website.

Food giant Mars to buy Hotel Chocolat in £534m deal

Royal Mail reports £319m half-year loss – and blames economy and strikes

Wowcher faces court threat over ‘misleading’ sales practices

The underlying reasons behind its financial troubles were unclear, as were the identities of any potential buyers of the business.

A sale of parts, rather than the entirety, of the group is possible, one insider suggested.

Rutland declined to comment.

Related posts:

Airline industry chief lashes out at EU and UK over travel restart Moonpig doubles annual revenue and profits thanks to COVID lockdowns Retail stock levels ‘at record low and expected to fall further still’ Black Friday boost expected as anxious shoppers stock up early for Christmas Ineos challenges government to allow it to try fracking in England Ex-Unicef UK chief spearheads Chelsea sale proceeds charity as deal hits obstacle As record bills make fuel poverty mainstream – government inaction leaves public in the dark Don’t raise interest rates, UN warns the Federal Reserve and other central banks Co-op Bank offers to compensate customers left without wages due to ‘payment processing system issue’ New Look back in fashion with £100m refinancing Former Harrods and Fulham FC owner Mohamed Al Fayed has died New petrol and diesel cars face gradual phasing out under production guidelines