Administrators brought in to £120m turnover car dealership Carcraft

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”.

Contact the administrators

View other vehicle-related administrations

Share this article

Latest Businesses for Sale

Manned & Electrical Security Solutions
South East, UK

Provides an extensive range of manned and electrical security solutions, including manned dog patrols and CCTV installation. Established for nearly 20 years. Utilises an in-house 24-hour control room for monitoring and response. Offers invited.

Asking Price: Offers Invited
Turnover: £3,100,000


Complete Package of Pearpoint Pipeline Inspection Equipment (Fast Sale)
UK Wide

Viewing: Anytime In Normal Office Business Hours. Closing From 12 Noon Thursday 20th June.

Asking Price: Offers Invited
Turnover: £300k - £1m

Products & Contracting Services
UK Wide

Project Lake carries out contracting services for soil and water erosion control and ecological restoration projects, also supplying some of its own products into these projects at a healthy profit margin. Project Lake has four distinct areas of rev...

Asking Price: Offers Invited
Turnover: £5,000,000


View more businesses for sale

News Search

Latest News


Meat and poultry wholesaler goes under - business assets up for sale | ADMINISTRATION

Financial difficulties at a London-based meat and poultry di...


Administrators called in for West Midlands contractor | ADMINISTRATION

A contractor based in Aldridge, West Midlands has collapsed ...


Sheffield candle retailer enters administration | ADMINISTRATION

A shop retailing candle and gifts in Sheffield has collapsed...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide


Related News


School uniform supplier faces an uncertain future | ADMINISTRATION

School uniform supplier John Cheatle Limited and John Cheatl...


Stripped down Jane Norman is placed in administration | ADMINISTRATION

Women’s fashion clothing seller Jane Norman has put it...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources