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

Freight Forwarding Services
South East, UK

Provides freight forwarding for a range of sectors, as well as warehousing and an array of other complementary services. Offers invited.

Asking Price: Offers Invited
Turnover: £949,000

LEASEHOLD


Specialist Healthcare Recruitment
West Midlands, UK

Provides candidates for a range of roles, specialising in providing those for healthcare sectors including Operating Theatre Practitioners, Registered General Nurses, Registered Mental Health Nurses and Healthcare Assistants. Offers invited.

Asking Price: Offers Invited
Turnover: £1,660,000

LEASEHOLD


Repairs Garage with Petrol Station
Bradford, West Yorkshire, Yorkshire and the Humber, UK

An excellent opportunity to acquire a well-known repairs garage with petrol station which is only offered for sale due to our clients wife’s ill health. The business occupies a first-class, main road position within Bradford. Offers invited.

Asking Price: £99,950
Turnover: £378,161


View more businesses for sale

News Search

Latest News

 
17
 
May
 

Greater Manchester staffing firm acquires security services company | BUSINESS SALE

A security services business headquartered in Newton-le-Will...

 
16
 
May
 

Midlothian IT company enters administration with assets up for sale | ADMINISTRATION

An Edinburgh-based IT firm has collapsed into administration...

 
15
 
May
 

Logistics recruiters and distributors snaps up Birmingham-based counterpart | BUSINESS SALE

Challenge TRG Group, headquartered in Wigan, has successfull...

Free guide: 10 Biggest Buyer Mistakes

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

Email


Related News

 
17
 
May
 

Greater Manchester staffing firm acquires security services company | BUSINESS SALE

A security services business headquartered in Newton-le-Will...

 
16
 
May
 

Midlothian IT company enters administration with assets up for sale | ADMINISTRATION

An Edinburgh-based IT firm has collapsed into administration...

 
15
 
May
 

Logistics recruiters and distributors snaps up Birmingham-based counterpart | BUSINESS SALE

Challenge TRG Group, headquartered in Wigan, has successfull...

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