Car refinishing company, Hex Holdings Ltd, has been placed into the hands of administrators, who are hoping to find a buyer for the national chain.
The company is established at locations throughout England and Wales, and is a leading supplier of paint, consumables, equipment, tools and panels to the car refinishing industry. Matt Ingram and John Whitfield, partners at corporate restructuring firm MCR were appointed as joint administrators of the firm on Tuesday, 6 September, however, after suffering from the slump in the automotive industry.
Mr Ingram said that the potential for the company to be sold as a going concern was excellent and they had already begun the search for a buyer.
"The auto industry as a whole is a crucial part of "UK Plc", contributing £8.5 billion added value to the economy," he explained. "However, there is no doubt that the supply chain throughout the sector is still feeling the cold reality of the broader economic climate both here and abroad. We can confirm that at this stage the business is continuing to trade whilst a buyer is sought."
Hex Holdings was founded in Leicestershire in 1970, and expanded into Nottinghamshire, Warwickshire and the East Coast of England. A number of acquisitions allowed it to establish further operations in the West Country, South Wales and East Anglia. It has 14 depots and sites nationwide and its turnover is £20 million.
