Vehicle rental business on the hunt for a buyer

Wed, 08 Aug 2018 | ADMINISTRATION

London-based car rental service, Wendex Vehicle Rental, has been placed in administration and is currently on the lookout for a buyer to rescue the business.

Insolvency practitioners and restructuring specialists CVR Global have been called in, and partners Charles Turner, Simon Lowes and Nicholas Parsk have been assigned as joint administrators.

The business will continue trading through the administration process, and until a new buyer is sought.

Wendex Vehicle Rental was established 20 years ago with the business of hiring out vehicles to the public. The company owns nearly 500 vehicles, from taxis to luxury cars including Bentleys, Mercedes, Lamborghinis and Rolls Royces.

It also runs a repair workshop from its central London location to maintain and manage its fleet of cars.

The company experienced an annual turnover increase from £2.8 million in 2015 to £4 million in 2017. However, due to a series of awaited payments from a number of its customers, the business has found itself in trouble over the past year.

Turner said: “This is a fundamentally profitable business [...] With some inward investment and simple operational changes, this is a business that has a bright future with potential to continue on its journey of growth.

“Such is the business’s size and potential, it would benefit from integrating with a competitor able to provide stability and address operational issues.

“We have already received several enquiries mainly from competitors and will continue to trade the business until a sale is achieved which we expect to happen imminently.”

Click here to view the Wendex Vehicle Rental Limited administration listing.

For more news stories about administrations click here. For all our administrations listings, click here.


Share this article



Latest Businesses for Sale

Hospitality Industry Recruitment Specialist
UK Wide

Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....

Asking Price: Offers Invited
Turnover: £3,500,000

LEASEHOLD


Security Solutions Provider
East of England, UK

Benefits from a strong, highly skilled workforce, capable of running the day-to-day operations of the business. Operates from leasehold premises owned by the shareholders and rented to the company, which could be included in the sale. Works with circ...

Asking Price: Offers Invited
Turnover: £901,000

LEASEHOLD


Specialist Automotive Consultancy
UK Wide

Extensive levels of experience, providing high-end recruitment and consultancy services in the automotive sector. Works closely with clients through each stage, maintaining an exceptional standard of service. Working with a range of clients across Eu...

Asking Price: Offers Invited
Turnover: £816,000

LEASEHOLD



View more businesses for sale

News Search

Latest News

 
17
 
Jan
 

Sample book and shade card manufacturer acquired from administration | BUSINESS SALE

The business and assets of Yorkshire-based display products ...

 
16
 
Jan
 

Northgate and Redde shareholders approve merger | MERGER

The proposed merger of listed companies Northgate and Redde ...

 
15
 
Jan
 

SSE sells retail business to OVO Energy | DIVISION SALE

Power utility SSE has announced it has completed the sale of...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
17
 
Jan
 

Sample book and shade card manufacturer acquired from administration | BUSINESS SALE

The business and assets of Yorkshire-based display products ...

 
16
 
Jan
 

Northgate and Redde shareholders approve merger | MERGER

The proposed merger of listed companies Northgate and Redde ...

 
15
 
Jan
 

SSE sells retail business to OVO Energy | DIVISION SALE

Power utility SSE has announced it has completed the sale of...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources