F&I Management & Training

The Sidlow Group has been forced into administration and up to 250 jobs have been lost.

The Surrey-based dealer, which holds the VW, Seat, Audi, Citroen, Peugeot and Alfa Romeo franchises, announced it would stop trading late last week.

Administrators Grant Thornton failed to find a buyer for the business and stock is already being removed from its five dealerships in Surrey and Sussex.

In a statement the administrators said Sidlow had "suffered substantial losses over an extended period, exacerbated by the current economic climate and the decline in the new and used vehicle market in recent months".

It added: "Attempts to achieve a quick sale of the business were unsuccessful, and due to the uncertain trading environment, the administrators were unable to secure support for a period of trading whilst other sale options were sought."

"Unfortunately this has meant that the majority of employees have been made redundant with immediate effect, with a small number of people retained for a short period to achieve an orderly wind down of operations."

The dealer group had been trading for the past 60 years after starting out as a petrol station in Reigate, Surrey.

DATED: 04.11.08

FEED: MT