Enterprise buys up parts of 1car1
14 April 2009
Enterprise Rent-a-car has bought several assets of fellow rental company 1car, which was recently placed into administration.
A confidentiality agreement is in place preventing the disclosure of everything that was sold, however it is believed that the 1car1 branding was one asset bought.
The administrators, PricewaterhouseCoopers, have confirmed that 1car1's branch network and head office staff were not included as part of the deal.
"The sale to Enterprise was identified as the best option to maximise value recovery to creditors from the investment in the 1car1 brand," said Steve Ellis, one of the joint administrators. "The branch network and underlying business has not been profitable and the rapid deterioration in funding available did not allow restructuring."