10:00am Saturday 27th September 2008
By Daniel Fawbert Mills
MOTOR World Ltd, with stores in Evesham, Bromsgrove and Kidderminster, has gone into administration with the loss of 300 jobs.
One of the UK’s largest independent car retailers, it traded from a chain of 237 units across the country and closed ‘as a result of a significant downturn in retail sales on the high street’, with 95 of the 237 units to close with immediate effect.
Administrators BDO Stoy Hayward, based in London, have been successful in selling the remaining 142 units of the business to Pacific Retail Ltd, a company funded by the existing investors Bailey Capital Ltd, saving around 500 jobs.
It currently trades from its head office in Huddersfield.
Dermot Power, business restructuring partner at BDO Stoy Hayward, said: “Despite a strong trading name and presence on the high street, Motor World Ltd has been a direct casualty of the current retail difficulties and the continuing squeeze on available credit.”
Martin Waite, of Bailey Capital, added: “We remain acutely aware that difficult trading conditions will undoubtedly continue, but remain hopeful that we can move the business forward following the restructuring that has taken place.”
© Copyright 2001-2010 Newsquest Media Group
http://www.eveshamjournal.co.uk