Tuesday, February 03, 2009
Disposals expected as Camden faces collapse
A sale of part of Camden Group Services is expected to be completed this week in order to rescue the company from collapse.
AM understands from several sources that the group is in financial difficulties and is in talks with potential new owners for some or all of its 14 dealerships. Business restructuring specialists from Zolfo Cooper, formerly Kroll, have been brought in by its management.
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: 03.02.09
FEED: AM
AM understands from several sources that the group is in financial difficulties and is in talks with potential new owners for some or all of its 14 dealerships. Business restructuring specialists from Zolfo Cooper, formerly Kroll, have been brought in by its management.
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: 03.02.09
FEED: AM
