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."
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