Mon, 14 Nov 2011 | ADMINISTRATION
The Southgate Group, the family-run Hampshire-based chain of car dealerships, has officially entered administration, after efforts to restructure the business failed.
Financial officials from Begbies Traynor had been trying to work out a buy-out deal for the company in recent weeks in the form of a pre-pack administration, but were officially appointed as administrators at the end of last week.
While more than 100 people have been made redundant in the process, Begbies Traynor partner, Julie Palmer, said there was the potential for some of them to be rehired as they work on selling off parts of the business.
She explained that there had been some significant interest from other companies in taking on some of the company's dealerships, but that they had opted to wait for the company to officially go into administration and are looking to set up new dealerships at some Southgate garages.
The firm, which was founded in 1996, had been hit hard by cash flow difficulties and poor trading rates over the course of this year, caused by the still shaky national economy and gloomy outlook. The company operated Peugeot, Mitsubishi and Subaru dealerships across Hampshire and Dorset.
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