Thu, 09 Jan 2020 | ADMINISTRATION
Scotland’s Leven Car Company has gone into administration and has appointed Stuart Robb and Michelle Elliott of Leonard Curtis Recovery Limited as it seeks a buyer.
The company employs 139 staff at showrooms in Costorphine and Bankend, Edinburgh and Selkirk in the Scottish Borders. Staff arriving for work on Wednesday were reportedly turned away after being informed of the administration.
Leven has not published results since the year ending December 2017, when it achieved turnover of £45 million, an increase of 28.9 per cent on 2016, and a pre-tax loss down 252.6 per cent at £323,541, following a profit of £212,001.
However, last year the company said it had seen an increase in new car sales along with a 138 per cent rise in Kia-approved used car sales.
The flagship Costorphine showroom sells high-end cars, including holding the franchise for Rolls-Royce, while the company is also the sole franchise-holder for Aston Martin in Scotland.
In March 2018, Leven acquired the Kia and Suzuki franchises in Selkirk from the Belmont Group. Leven also sells Mitsubishi, Caterham and Lotus.
None of Leven’s 139 staff have been made redundant, with the administrators continuing to assess the company’s financial position. Leven has also said it will maintain a presence at its dealerships in order to address customer queries.
Joint administrator Stuart Robb said: "We are currently assessing the company's financial position with a view to seeking a buyer for all or parts of the business.”
"This is a unique opportunity to acquire a business with a strong reputation, excellent customer base, and a highly knowledgeable and loyal workforce."
Specialises in the supply of high-quality and high-performance diving equipment on a national and international basis; it is now for sale.
FREEHOLD
Suppliers of contemporary and modern lighting for the retail, wholesale and contract markets throughout the UK and internationally. Offers an extensive range of interior and exterior lighting products across a wide range of product categories. 80% of...
LEASEHOLD
The shop is ideally located between Bournemouth and Christchurch close to multiple beauty spots. The business enjoys regular all year-round trade from the local community and from those working in the area. Additionally, the business enjoys a signifi...
LEASEHOLD
|
16
|
|
May
|
Manx Financial Group to acquire Payment Assist in potential £9m deal | BUSINESS SALE
Manx Financial Group Plc has announced the acquisition of Pa...
|
13
|
|
May
|
Assets set to be sold as modular housing joint venture enters administration | ADMINISTRATION
The US House Group modular housing joint venture has fallen ...
|
12
|
|
May
|
Bathroom panel firm acquired for up to 9.1x EBITDA | BUSINESS SALE
Bathroom and kitchen products firm Norcros has agreed a deal...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources