We use cookies to ensure that we give you the best experience on our website. If you continue without changing your settings, we will assume that you are happy to receive all cookies on the Business Car website. However, if you would like to, you can change your cookies at any time
The start point for the best source of fleet information |
Auto Windscreens has lost its battle for survival, with accountancy firm Deloitte announcing its closure and the loss of more than 1000 jobs.
The firm went into administration on February 14, and despite what liquidators Deloitte called an "intensive marketing period", a buyer for the whole business couldn't be found. Insurance company Markerstudy Group has though taken on the freehold properties and 19 leasehold properties.
"Our focus at the outset was to seek funding for a trading period and to run an intensive marketing period in an attempt to save the business as a going concern," said Chris Farringtom, joint liquidator and partner at Deloitte. "We approached the major customers to seek urgent funding but unfortunately none of these customers were able to assist in the circumstances. Whilst the intensive marketing process resulted in over 90 expressions of interest, no party made an offer for the business as a whole.
"In the absence of any funding and no going concern offer, we have had no alternative but to close the business, leading to 1,042 staff being made redundant," he continued.
Auto Windscreens called in the administrators after running short in cash in the wake of Aviva terminating its contract, and HMRC issuing a winding up petition. It had struggled with below-expected revenues in the back end of 2010, and with delays in implementing a new computer system.
BusinessCar magazine ©2019
Business Car Magazine © 2020 | Business Car is part of NS Media Group.
