Peugeot car dealer Howes and Sons Ltd enters administration

Tue, 23 Nov 2010

Peugeot car dealer Howes and Sons Ltd has been placed into administration after being instructed to fill a hole in its pension fund.

The re-assessment of the Peugeot dealer’s Motor Industry Pension Fund uncovered a large deficit, which was disputed by the company.

The joint administrators, David Wilson and Julian Pitts of Begbies Traynor, are now trading the business while a buyer is sought. There are no immediate redundancies planned amongst the firm’s 13 staff.

Due to the deaths of two employees and the oncoming retirement of the managing director, there is no natural successor to the business.

Julian Pitts said: “This is a long established business with a good reputation and some valuable assets including a large leasehold site in a prominent location in Fakenham, comprising a well-maintained showroom, offices, and workshop facilities.”

“The directors and shareholders of the company very much regret that they have had to come to the decision to place the company in administration.”

The administrators are confident that the business will sell, with its brand and strong location.

Howes and Sons, which trades as Howes of Fakenham, dates back to 1784 and has been selling cars in Fakenham for the past 50 years, with revenues of £3 million.

Subscribe today to read and search all our news, premium articles, business sale listings and buy/sell resources.

Latest Businesses for Sale

Printers/ Stationers - Andover, Hants

Asking Price: 
Turnover:  £640,000

Digital printing specialists, commercial and retail stationers, lithographic printing and various ancilliary services. Freehold retail shop and long leased factory unit. Sale price includes all equipment and properties. NP £80k...

Hotel Accommodation - Folkestone

Asking Price: 
Turnover:  £500,000
Location: South East

Three Victorian houses joined together to form a luxury 8,500 sq. ft. facility. Includes reception, two lounges, four dining rooms, 16 en-suite bedrooms, music room, two kitchens, conservatory, bar, sauna, hot tub and more...

Suppliers of Souvenirs - Derbyshire

Asking Price: 
Turnover:  £1,200,000
Location: East Midlands

With over £60k worth of trading, the company has a very reputable name within the tourist and leisure market. Excellent potential...

View More Businesses for Sale >>