Fri, 07 Oct 2011 | ADMINISTRATION
The administration of the company behind Waters AutoPlanet has been confirmed, with administrators from Zolfo Cooper appointed to handle the process.
Waters Retail Limited was officially placed into administration on Wednesday, following a period of slumped trading and cashflow difficulties, brought about by the difficult economic climate. Zolfo Cooper's Kevin Coates, Peter Holder and Anne O’Keefe will act as joint administrators.
Mr Coates said that the high-profile nature of the business was encouraging in terms of successfully finding a buyer.
"Waters Retail Limited is an established, recognised business with a strong portfolio of brands, supported by a team of high quality individuals," Mr Coates explained. "However, it operates in a very challenging market. Our initial focus will be to assess the business and to enter discussions with key stakeholders, to identify all realistic solutions for the company and its individual sites."
It is understood that the directors of the company - which represents manufacturers including Renault, Kia, Mazda, Fiat and Peugeot - had been in advanced discussions to sell the business in recent months, but had been unable to cement a deal.
Of the 209 staff employed by the company, no redundancies have yet been made, but a number of staff were sent home pending the administrators' review of the business.
This unique and renowned freehold bar and restaurant in the heart of York City Centre offers over 250 covers across its spacious interior, pavement seating, and a rare rooftop terrace.
FREEHOLD
A well established and strongly profitable engineering business, located in the Midlands. The company will be an attractive acquisition for both a larger trade buyer and also those looking for a stable engineering business.
This European pharmacy manufacturer specialises in providing custom clinical trial batches for leading pharmacy companies across the continent, playing a crucial role in their R&D efforts.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.