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.
Leading provider of traffic management and car parking solutions including valet parking car park management and enforcement traffic management consultancy cash and audit services and counter-terrorism systems. Serving static venues and mobile and gr...
Provides a comprehensive range of security services to commercial and residential customers regionally. NSI Gold, SIA, and SafeContractor approved. Currently provides its services to 750 active clients and has 15-year client relationships in place.
LEASEHOLD
Designs maintains & installs heating ventilation & plumbing systems for schools local authorities commercial properties industrial & defence sites including boiler & pipework installation commissioning repairs & scheduled maintenance.
20
|
May
|
Administrators seek buyer for gourmet instant noodle brand | ADMINISTRATION
Bournemouth-based instant foods brand Mr Lee’s Pure Fo...
19
|
May
|
Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE
Legal services company Knights has acquired Portsmouth-headq...
18
|
May
|
Insolvencies forecast to surge 37 per cent in 2022 as inflation hits 40-year high | BUSINESS NEWS
Businesses in the UK look set to come under continuing press...
Sign up to receive our acquisition alert emails to get your FREE guide
20
|
May
|
Administrators seek buyer for gourmet instant noodle brand | ADMINISTRATION
Bournemouth-based instant foods brand Mr Lee’s Pure Fo...
19
|
May
|
Knights continues acquisition-lead growth strategy with £11.5m deal for law firm | BUSINESS SALE
Legal services company Knights has acquired Portsmouth-headq...
18
|
May
|
Cotswolds pub in prime tourist town comes to market for £1.3m | BUSINESS SALE
The Mousetrap Inn in the popular Cotswolds tourist town of B...
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