Fri, 30 Sep 2011 | ADMINISTRATION
Administrators are urgently searching for a buyer for Yorkshire car auction house, Motorauctions Leeds, after it fell into administration.
The company is understood to be in severe financial difficulty - with debts "in the high six figures" - after losing a number of crucial commercial contracts. Administrators from insolvency specialists, Begbies Traynor, are carrying out the search for a buyer, and have made 25 full and part-time staff redundant while they work through the process.
A spokeswoman for the administrators said that no buyer had yet been found for the business itself, but there had been significant interest from a number of parties about the company's premises on Hilledge Road. She said that the site, which is very close to the M621, could well be sold separately from the auction business.
"The statement of affairs listing the assets and liabilities has yet to be completed, but the management accounts suggest liabilities will be in the high six digits," the spokeswoman said. "At this stage it is not known how that is broken down."
Motorauctions Leeds was first established in 1986 and held four car auction sales a week, with fortnightly 4x4 sales and dedicated fleet car auctions for businesses.
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