Wednesday, February 04, 2009
Camden Group Services now in Administration
It is understood that it can no longer meet its debt repayments from the MBO."
A sale of part of Camden Group Services is expected to be completed this week in order to rescue the company from collapse.
The group has been placed into administration by business restructuring specialists Zolfo Cooper, formerly Kroll which will continue to trade the business as a going concern while it explores options for its future.
Camden Group Services employs approximately 800 people and is expecting to make a "small number" of redundancies.
AM understands from several sources Camden Group Services is in financial difficulties and is in talks with potential new owners for some or all of its 14 dealerships.
Camden Group Services, formerly known as Camden Corporate Fleet Services, split from Camden Motor Group in September 2007 in a £66m management buy-out.
It is understood that it can no longer meet its debt repayments from the MBO.
Nissan, with which Camden Group Services has two sites, said it expects representation to continue in those locations but would not confirm that Camden will remain its partner.
AM has tried to contact Camden Group Services chief executive Ian Wardle without success.
A top 10 AM100 dealer group and one of the UK's largest fleet suppliers, Camden Group Services turns over £910m annually.
Camden Motor Group, headed by Paul Dunkley, is not connected to Camden Group Services.
DATED: 04.02.09
FEED: AM
A sale of part of Camden Group Services is expected to be completed this week in order to rescue the company from collapse.
The group has been placed into administration by business restructuring specialists Zolfo Cooper, formerly Kroll which will continue to trade the business as a going concern while it explores options for its future.
Camden Group Services employs approximately 800 people and is expecting to make a "small number" of redundancies.
AM understands from several sources Camden Group Services is in financial difficulties and is in talks with potential new owners for some or all of its 14 dealerships.
Camden Group Services, formerly known as Camden Corporate Fleet Services, split from Camden Motor Group in September 2007 in a £66m management buy-out.
It is understood that it can no longer meet its debt repayments from the MBO.
Nissan, with which Camden Group Services has two sites, said it expects representation to continue in those locations but would not confirm that Camden will remain its partner.
AM has tried to contact Camden Group Services chief executive Ian Wardle without success.
A top 10 AM100 dealer group and one of the UK's largest fleet suppliers, Camden Group Services turns over £910m annually.
Camden Motor Group, headed by Paul Dunkley, is not connected to Camden Group Services.
DATED: 04.02.09
FEED: AM
