Mon, 23 Jan 2012 | ADMINISTRATION
Administrators are seeking to realise the assets of national motorcycle dealership chain George White Motors after it fell into administration at the end of last week.
The company, which has been in business for more than 50 years, appointed Richard Hawes and Robin Allen from financial services firm, Deloitte, as administrators last week.
The pair said that the company does not have the funds available for them to be able to keep it trading and allow them to look for a sale for it as a going concern. Some 61 employees were made redundant upon their appointment, with nine retained to aid with the administration process.
“Poor trading results over the last two years coupled with the increasingly difficult market conditions and low margins have resulted in cash flow constraints,” the administrators said.
“In the absence of a significant cash injection into the company the directors were unable to continue trading the business and requested the appointment of administrators.”
George White Motors operates from headquarters in Swindon, and has five other retail locations across the UK, including in Plymouth, Torbay, Donington, Slough and Bolton. Its annual turnover had been £25 million at its peak.
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