Mon, 19 Feb 2018 | ADMINISTRATION
A Wales-based car dealership has announced that three of its sites have entered administration as a result of financial problems.
Slaters of Abergele Limited, Slaters of Ruthin Limited and Slaters North Wales Car Centre Limited have all fallen into administration, according to administrators KPMG, after the group began experiencing financial issues as a result of ongoing trading losses.
The three companies operated from two different sites in Wales, including Abergale and Mochdre, with the latter on servicing and repair services. The Abergale site, however, focused on selling new and used Nissan and Citroen cars, and was reportedly hit particularly hard by increased restrictions on used car finance.
According to KPMG appointed joint administrators Paul Dumbell and David Standish, additional problems were caused by a fall in trade, which led to the limits of the facilities being stretched and payments to creditors being missed by the companies.
The administrators have announced that they will commence their duties in the coming weeks, beginning with the management of the redundancy of 68 out of 74 staff members. This will be followed by the closure of the sites with the assistance of the remaining employees, who will be charged with dealing with outstanding orders.
Commenting on the announcement, Paul Dumbell, director at KPMG, said: "In recent months, the Group has experienced severe cash flow pressure driven by continued trading losses, a downturn in new car sales and restrictions on used car finance."
Mr Dumbell added: "With no prospect of an upturn in trading, it is our intention to commence a managed wind down of the business."
The business offers an online retail service for a wide and varying range of branded homeware, giftware and beauty items of exceptional quality. They specialise in selling British and European brands throughout the world. This is an ideal business op...
The company specialises in domestic and industrial garden machinery, cleaning equipment, spares and parts. Products include, pressure washers, vacuum cleaners, hedge trimmers and heaters. Benefits from a strong presence on various e-commerce platform...
Tastefully organised business premises with a selection of showrooms on ground floor level together with a spacious office. Below are storerooms with a strongroom, toilet and kitchenette. The warehouse is close by and is well racked and fitted out. O...
The business and assets of Yorkshire-based display products ...
Sign up to receive our acquisition alert emails to get your FREE guide
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