Thu, 03 Nov 2022 | ADMINISTRATION
A buyer is being sought for the business and assets of a Silverstone-based motorsport concierge and driver experience firm after it fell into administration. Valluga Group, which trades as The Valluga Concierge, provides “speed services”, including exclusive track days at Silverstone.
The company is based at an 8,275 sq ft facility adjacent to the Silverstone race circuit. The firm describes itself as "a UK based concierge service supplying a bespoke experience to drivers on both road and track.”
In 2021, the business generated turnover of £2.65 million and profits of approximately £215,000. Its fixed assets at the time were valued at £669,701 and current assets at £512,720. The firm’s net assets amounted to £427,634. The company owns a range of sports cars, including a Porsche 982 CS, a BMW M4 and a Mercedes C190 GT3.
Despite there reportedly being no clear reason behind the company’s collapse, Carrie James and James Hopkirk of Kreston Reeves were appointed as joint administrators to the Valluga Group on October 25. The joint administrators have said they will review the company’s affairs before publishing proposals in December 2022.
The joint administrators have engaged Hilco Valuation Services to sell the firm, with a buyer being sought for the business and its assets. Expressions of interest in the company are due by 10am on Thursday November 10.
Joint administrator Carrie James commented: Valluga Group has a successful track record in providing motor sport driver support, allowing them to simply turn up and race. The results its drivers have achieved speaks of the service and support provided.”
"It is, however, a hugely competitive market and, following appointment as administrators, we are currently seeking a buyer for the business or its assets."
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