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Saab GB goes into administration

Date: 29 November 2011

Saab

Saab GB, the wholly-owned subsidiary of Swedish Automobile NV (Swan) which has exclusive rights to distribute Saab cars and parts in the UK, has been place into voluntary administration this morning.

The move follows months of intensive negotiations and a long period of suspended production and tight liquidity situation at Saab Automobile AB. With immediate effect, David Dunckley and Daniel Taylor of Grant Thornton UK LLP have been appointed joint administrators.

In a brief statement, the company said it employs 55 people in Milton Keynes and distributes the cars and parts to a 58 strong dealer network across the UK of which 20 are "Saab only" sites. Saab City, a wholly owned subsidiary of Saab GB employing 65 people, operates two Saab motor dealerships, one in Wapping and a smaller site in Fulham.

The board of Saab GB said it is of the opinion that administration gives the company and creditors the necessary legal protection until it has secured the required funding for the company. The appointment of the administrator is effected by the directors of Saab GB.

A Saab GB customer hotline has been set up on 0845 300 9593 but there was no news of how fleet customers should respond. BusinessCar is seeking further clarification, but calls to the Saab GB headquarters were not being answered and a further announcement is expected in the next few days.

Once appointed, the administrator will take on the management powers of the directors. Swan said it continues discussions with potential investors regarding the sale of Saab Automobile AB and Saab Great Britain Limited.

Swan has received a conditional funding commitment from Chinese car manufacturer Youngman for the payment of the wages of the employees of Saab Automobile and for the continuation of the activities of Saab GB. But Saab Automobile and Saab GB have not yet received this funding.

The firm has registered just over 4000 cars so far this year, slightly over half of which were to fleets.

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