Wednesday, January 11, 2012
Two sites in administration at Squire Furneaux
Dealer group Squire Furneaux has placed two of its showrooms into administration which both held the Saab franchise.
The companies are made up of a Saab automotive dealership in Welwyn Garden City and a Saab automotive dealership and Vauxhall service centre in Dunstable. The companies employ approximately 45 people. Squire Furneux has six other dealerships in the group and they are not affected.
Squire Furneaux has sites representing Vauxhall and Volvo across the Home Counties with sites in Guildford, Hersham, High Wycombe, Maidenhead, Leatherhead and Slough.
Administrators Zolfo Cooper said the administration of Saab GB in November 2011 followed by Saab AB filing for Bankruptcy in December 2011, as well as the current economic climate, has left the companies with "no viable prospect of continued trading".
The majority of staff have been made redundant with immediate effect, while a handful will remain to help wind up the affairs of the companies.
The Administrators will now enter discussions with any interested parties to secure a sale of the companies' assets.
Kevin Coates, at Zolfo Cooper said: “The companies are part of an established business, supported by a team of high quality individuals.
"However, given the ongoing difficulties faced by Saab and Saab GB’s recent administration, we have been left with little alternative but to cease trading the business. We will now enter discussions with interested parties and endeavour to maximise the companies' assets for creditors."
DATED: 11.01.12
FEED: AM
