Friday, March 06, 2009
Adminstrators close Camden dealerships
Camden Group Services' retail division has ceased trading.
As a result of the closure, five dealerships have shut their doors at Dunstable, Milton Keynes, Aylesbury, Northampton and Corby, with the loss of 277 employees.
Camden's used car business Camden Carstore has also closed.
Administrators Zolfo Cooper are currently working through orders and aim to get vehicles delivered to customers over the next couple of weeks.
In instances where cars cannot be delivered, customers will be offered a refund on their deposits.
Any cars in the service centres are being returned to customers and they have all been contacted directly.
The news follows a deal made with Paragon Automotive, the UK fleet vehicle processing and management company, to acquire the Fleet Solutions side of Camden for an undisclosed sum.
This part of the deal has secured 370 jobs.
Alastair Beveridge, partner at Zolfo Cooper, said: “In the context of recent turmoil in the automotive industry, this deal represents a positive outcome for creditors and employees of Camden Fleet Solutions.
Paragon Automotive has an established background in the fleet industry and is well-placed to take the business forward.
“We are grateful to all staff, whose dedication and commitment has enabled us to continue trading the business throughout the administration process.”
As part of the deal, Paragon has purchased 150 acres of land and vehicle processing facilities across two of the company’s sites at Islip and Corby in Northamptonshire.
Paragon has also acquired Camden’s stake in a joint venture in Livingston, Scotland.
Stephen Hucklesby, managing director, Paragon Automotive, said: “We believe the deal adds significant strength to our existing vehicle processing business, and despite the challenging trading conditions that the industry as a whole is experiencing, we have confidence that our enlarged business can weather the storm.
“We look forward to working with our new colleagues as we plan for the long-term future of our combined businesses.
DATED: 06.03.09
FEED: AM
As a result of the closure, five dealerships have shut their doors at Dunstable, Milton Keynes, Aylesbury, Northampton and Corby, with the loss of 277 employees.
Camden's used car business Camden Carstore has also closed.
Administrators Zolfo Cooper are currently working through orders and aim to get vehicles delivered to customers over the next couple of weeks.
In instances where cars cannot be delivered, customers will be offered a refund on their deposits.
Any cars in the service centres are being returned to customers and they have all been contacted directly.
The news follows a deal made with Paragon Automotive, the UK fleet vehicle processing and management company, to acquire the Fleet Solutions side of Camden for an undisclosed sum.
This part of the deal has secured 370 jobs.
Alastair Beveridge, partner at Zolfo Cooper, said: “In the context of recent turmoil in the automotive industry, this deal represents a positive outcome for creditors and employees of Camden Fleet Solutions.
Paragon Automotive has an established background in the fleet industry and is well-placed to take the business forward.
“We are grateful to all staff, whose dedication and commitment has enabled us to continue trading the business throughout the administration process.”
As part of the deal, Paragon has purchased 150 acres of land and vehicle processing facilities across two of the company’s sites at Islip and Corby in Northamptonshire.
Paragon has also acquired Camden’s stake in a joint venture in Livingston, Scotland.
Stephen Hucklesby, managing director, Paragon Automotive, said: “We believe the deal adds significant strength to our existing vehicle processing business, and despite the challenging trading conditions that the industry as a whole is experiencing, we have confidence that our enlarged business can weather the storm.
“We look forward to working with our new colleagues as we plan for the long-term future of our combined businesses.
DATED: 06.03.09
FEED: AM
