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Camden Fleet Solutions' parent company Camden Group has gone into administration.
The Bedfordshire-based firm has also announced there will be 40 redundancies, all in the company's fleet services section, which is the largest area of the business and accounts for 600 of the 800-strong staff prior to these cutbacks.
The Camden Group will continue to trade as a going concern while it searches for a buyer to take over the business. The administrators, Zolfo Cooper, said no client relationships will be affected during this time.
The business has two divisions, the fleet services provider Camden Fleet Solutions, and Camden Retail, which operates a network of car dealers as well as the Camden Carstore used vehicle operation.
Camden Fleet Solutions offers a range of fleet management products, including refurbishment for vehicles at the end of their contract, plus logistical services and remarketing.
Alistair Beveridge, partner at Zolfo Cooper, said: "Despite having well-established businesses in both the automotive fleet services and retail franchise sectors, Camden Group has not been able to escape the extremely tough trading conditions that the sector as a whole is battling through."
The current economic climate is also blamed for the initial 40 job-losses in the company. A spokesman said the firm had "seen volumes fall significantly in the UK automotive sector in general". The cutbacks were agreed before the company went into administration last week. A spokesman for the administrators was unable to confirm whether further job losses would occur while a buyer is sought.
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