Sat, 02 Feb 2013 | BUSINESS SALE
The southern England-based car dealership, Whitequay Group, has been put up for sale by the administrators after the firm ran out of cash to keep operating.
Whitequay Group was established in 2003 by MD Ian John and had grown to three sites in Reading, Newbury and Southampton. The dealership holds the franchises for Alfa Romeo, Chrysler/Jeep, Kia, Skoda, Seat and Suzuki as well as repairer franchises for Corvette, Cadillac, Hummer and Saab.
According to accounts filed at Companies House, for the year ended December 2011, Whitequay Group had revenues of £20.6 million with a recorded loss of £141k.
Smith & Williamson, the appointed administrators, are believed to be making staff redundant at the Reading and Southampton branches with no decision yet made about the Newbury branch. Notwithstanding, the insolvency practitioners are trying to market the businesses.
A spokesperson from Smith & Williamson commented, "We are working hard to sell all three sites at Southampton, Reading and Newbury – there is strong interest therein."
"We are doing our best in a very difficult situation but there is insufficient money to be able to keep the sites open and therefore all three sites have, very regrettably, effectively been forced to close."
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