Welsh car dealership goes into administration

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."


Share this article



Latest Businesses for Sale

Butchers
Dagenham, Essex, South East, UK

The business sells a great selection of meats, cooked meats, a range of seasoned sausages and burgers all prepared in-house. Revenue is derived from the sale of quality fresh produce, supplied from reputable sources. The business sees a lot of repeat...

Asking Price: Offers Invited
Turnover: £852,000

LEASEHOLD


Furniture Retailer
County Durham, UK Wide

The business offers a wide range of quality furniture made from materials such as solid oak, solid pine, Indian hardwood, reclaimed wood, veneers, foils and more. A wide variety of different products are displayed in a traditional and contemporary st...

Asking Price: Offers Invited
Turnover: £550,000

LEASEHOLD


Butchers With Modern Bakehouse
Kirkcaldy, Fife, Scotland, UK

Fantastic opportunity to acquire, on a freehold basis, this long standing and well respected traditional local butchers. Thomson of Thornton has been family owned for over 50 years and has built an excellent local reputation for quality and service a...

Asking Price: £600,000
Turnover: £600,000

FREEHOLD



View more businesses for sale

News Search

Latest News

 
15
 
Nov
 

Carpetright agrees to shareholder takeover deal | BUSINESS SALE

Carpetright has agreed a deal to be taken over by its larges...

 
14
 
Nov
 

Scale manufacturer taken over in MBO | MBO/MBI

Weighing scale manufacturer Marsden Weighing Group has been ...

 
13
 
Nov
 

Brighton energy firm appoints administrators | ADMINISTRATION

Brighton-based utilities company Toto Energy has gone into a...

Free guide: 10 Biggest Buyer Mistakes

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

Email


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