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.
Project Grove presents a unique opportunity to acquire a family-operated business with over 40 years of experience in grounds maintenance and landscaping across Lincolnshire and surrounding regions.
This well-established business provides teaching assistants, teachers, and nursery workers to over 60 schools and nurseries, boasting a remarkable 90% candidate retention rate due to attractive employment benefits.
Here's an enticing opportunity to acquire a thriving plant, tool, and equipment hire business with a solid 20-year trading history in the South West, boasting around 900 active customers and an impressive 90% retention rate.
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.