Wed, 10 Mar 2010 | ADMINISTRATION
Motorway service operator Swayfields Limited and Swayfields Extra MSA Holdings Limited (the Group) has entered administration because it is unable to meet increasing debts.
The Lincoln-based group, which has annual revenues of £13m, operates 11 roadside service sites including six motorway service areas, two trunk-road service areas and three forecourts.
Ian Green, joint administrator at PwC, says the company entered administration in order to focus on restructuring and re-financing the business.
After reviewing the options, the administrators will begin the search for a buyer for the companies, which will apparently continue to trade as normal.
Mr Green said: "We are confident of a sale being completed with minimal, if any, impact on the operating sites."
Plans to build a service station near Junction 10 on the M25 have not been affected by the move into administration.
The plans, which involve constructing a hotel, petrol station, shops and 721 car parking spaces, were approved in 2005 by the government despite opposition from the local council and residents.
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