F&I Management & Training

Motor World, the car care retail chain, has been placed into administration following a significant downturn in sales, resulting in 95 site closures and 300 redundancies.

BDO Stoy Hayward, the appointed administrators, have successfully managed to sell the remaining 142 sites to Pacific Retail, a company funded by the existing investors Bailey Capital, saving 500 jobs.

Some of Motor World's retail units were trading at a direct loss.

"Despite a strong trading name and presence on the high street, Motor World Ltd has been a direct casualty of the credit retail difficulties and the continuing squeeze on available credit," said Dermot Power, business restructuring partner at BDO.

Bailey Capital's Martin Waite said: "We remain acutely aware that difficult trading conditions will undoubtedly continue; but remain hopeful that we can move the business forward."

DATED: 03.10.08

FEED: MT

# posted by Profit Training Ltd : 9:14 am