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.
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