Fri, 01 May 2015 | ADMINISTRATION
Second hand car dealership Carcraft is ceasing operations, and has lost 500 jobs due to being put into administration. The administrators are now working with minimal staff numbers to realise its assets.
The £120 million turnover business was the seventh biggest of its kind with ten sites across Britain, yet has recently been brought to its knees by multimillion-pound losses, crippling loan note financing, along with old PPI claims.
Two Grant Thornton UK partners Daniel Smith and Joe McLean are the joint administrators to the companies CC Automotive Group and UK Car Group, which traded as Carcraft.
All in One Finance Ltd, Carcraft’s finance FCA-regulated arm, is set to follow the main group into administration once FCA regulations have been attended to.
Carcraft has been leaking cash, with yearly recorded losses of £8 million for some time now. Operating in a competitive market, the group has been hit by poor market regulations, low investment and high costs among other issues.
Regarding the administration Mr Smith said: “In the event there are any approaches from interested parties post appointment we will react to these accordingly”.
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