Tag Archive | "administration"

BREAKING: SPARTAN ACQUIRED BY MOTORMANIA PARENT

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BREAKING: SPARTAN ACQUIRED BY MOTORMANIA PARENT


BREAKING: News has been confirmed that Spartan Motor Factors has been sold by the administrators at Deloitte to MWR Sales Limited. The following statement has just been released by Deloitte:

Richard Hawes and Matt Cowlishaw were appointed as joint administrators to Spartan Motor Factors Limited (“the Company”) on 13 March 2020. Following the appointment, the business was successfully sold to MWR Sales Limited on 18 March 2020.

READ: MotorMania chain bought by Tetrosyl

The Company is a motor parts business operating a central hub in Newport and ten other branches across South Wales and the South West serving over 1,400 customers. The Company employs 135 across its network.

READ: SPARTAN LEAVES PARTS DISTRIBUTION PARTNERSHIP FOR IFA

MWR Sales Limited operates the motor factors and retail businesses of Motor World, Motormania and Sparesworld. The Company’s employees will transfer to the new owner.

Richard Hawes, joint administrator, said: “We’re extremely pleased we managed to find a new owner for the business through these particularly challenging times. We’d like to thank the employees for their support and wish the new owners every success in the future.”

 

We’ll bring you more information on this breaking story as we get it.

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UPDATE: SPARTAN MOTOR FACTORS ENTERS ADMINISTRATION

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UPDATE: SPARTAN MOTOR FACTORS ENTERS ADMINISTRATION


***UPDATE: March 19, 14:30. Branches are trading again and CAT understands talks are underway with a potential buyer*** 

 

***UPDATE: Spartan acquired by Motormania holding company ****

 

Cardiff-based Spartan Motor Factors, which operates a number of branches and employs 145 people across South Wales and the west of England, has entered administration.

The administration process will be carried out by Deloitte’s Cardiff office. CAT spoke to a Deloitte representative, who confirmed that the firm was appointed on 13 March.

Deloitte also said there have been no redundancies so far, but was unable to confirm whether Spartan’s Newport head office and 10 additional branches were operating as usual.

READ: GROWTH IN SPARTAN TIMES

Founded in January 2012, Spartan claims to have “one of the largest distribution centres and stockholdings in the South West”, with over 500,000 individual references available to order. A USP of the firm was a two-year guarantee on each parts sold. In its early years, Spartan won CAT’s Independent Factor of the Year award three times, and more recently picked up an award for enterprise from the Welsh government. 

READ: SPARTAN LEAVES PARTS DISTRIBUTION PARTNERSHIP FOR IFA

In 2018, Spartan rapidly expanded, opening two new branches in Blackwood and Swansea, shortly after cutting the ribbon at a new site in Pontypridd and a specialist cooling centre in Abercarn. Director Lee Gratton at the time said: “We are actively looking to expand the Spartan network further into England through either acquisitions or branch openings if the right individuals approach us.”

An official statement from Deloitte is expected to be released imminently. We’ll post it as soon as we have it.  

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LEVEN CARS GROUP CALLS IN THE ADMINISTRATORS

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LEVEN CARS GROUP CALLS IN THE ADMINISTRATORS


Edinburgh-based dealership Leven Cars has gone bust following two years of ‘difficult trading conditions’.

Leven Cars endured ‘difficult trading conditions’

Stuart Robb and Michelle Elliot – of Leonard Curtis – were appointed Joint Administrators of Leven Cars Group Limited  on Tuesday 7th January.

The company which was incorporated in January 2014, has multiple car dealerships based in Edinburgh and Selkirk, including Rolls Royce, Aston Martin, Lotus, Kia, Suzuki, Mitsubishi and Caterham.

The Company, which employs 139 staff across its four dealerships, has ceased trading.  At this stage, none of the Company’s employees have been made redundant whilst the Administrators assess the Company’s financial position and explore the possibility of finding a buyer for all or parts of the business.

The Company will continue to maintain a presence at the Company’s dealerships for a short period of time to ensure that any customer queries can be addressed.

Joint Administrator, Stuart Robb commented: “We are currently assessing the Company’s financial position with a view to seeking a buyer for all or parts of the business.  This is a unique opportunity to acquire a business with a strong reputation, excellent customer base, and a highly knowledgeable and loyal workforce.”

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EVANS SOLD TO SPORTS DIRECT IN PRE-PACK DEAL

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EVANS SOLD TO SPORTS DIRECT IN PRE-PACK DEAL


Bike retailer Evans Cycles went into administration, only to be bought straight back out by Sports Direct.

The future of the retailer looked uncertain, as rival Halfords withdrew its bid to take it over, citing a desire to focus on expanding the Cycle Republic chain.

Trading has not been affected at Evans, although gift vouchers are ‘suspended’ and the status of the cycle to work scheme is unclear.

Gatwick-based Evans has a history stretching back to the 1920s, although in recent years the chain has expanded to 62 branches and 1,200 employees through the involvement of private equity. Sports Direct, the firm owned by Mike Ashley holds numerous other companies including department stores Lillywhies and House of Fraser and clothing brands including Firetrap, No Fear and Kangol.

Matt Callaghan, a partner at PwC and one of the administrators, commented:

“We are delighted to have secured a future for the business and employees of Evans. 2018 has been a very difficult trading year for the business, in part due to the impact of the extended winter weather, but also due to a lack of cash to invest in stores and develop the ecommerce platform. A combination of the associated losses, the capex requirements and tightening credit has led to a liquidity crunch”.

“Evans is a long-standing, well known and trusted brand with nearly 100 years of heritage in the cycling market. To have managed to preserve the business and transfer all staff to the purchaser is particularly pleasing.”

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ANDREW PAGE AND ECP TRAINING PROGRAMMES MERGE

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ANDREW PAGE AND ECP TRAINING PROGRAMMES MERGE


Euro Car Parts has brought together its Euro Academy training offer with Andrew Page’s Autoeducation programme. Bosses plan to keep the Autoeducation brand, with a new prospectus covering a wider selection of courses.

The extended programme will continue to deliver IMI-accredited training for technicians and include a dedicated technical phone helpline and online diagnostics database with a reference library of previous faults.

Courses available will include foundational electrics, oscilloscopes  and CAN BUS systems. There is also full MOT course coverage, from Level 3 accreditation to MOT Tester and Managerial Training. Autoeducation’s offering now also includes Euro Academy’s ADAS training course, delivered in partnership with Hella.

Helen Robinson, Marketing Director at Euro Car Parts, commented: “Since we acquired Andrew Page, we have been committed to ensuring that this trusted brand continues to thrive in the independent aftermarket. Recognising how popular and successful its Autoeducation programme is, we have boosted the portfolio significantly by merging it with Euro Academy. It is our intention to invest in our training offering to ensure the independent sector is well positioned to work on all types of vehicle.”

Euro Car Parts acquired the Andrew Page factor chain when the latter went into administration in 2016.

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BOSAL CALLS IN THE ADMINISTRATORS

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BOSAL CALLS IN THE ADMINISTRATORS


Preston-based emissions parts manufacturer Bosal has called in the administrators.

Julien Irving and Andrew Poxon of Leonard Curtis Business Rescue and Recovery will attempt to find a buyer for the firm, properly called Bosal Automotive and Industrial Components (BAIC) ltd. 

In January this year Bosal sold off its aftermarket tow bar and automotive carrier and protection system businesses to TowerBrook Capital Partners as part of a restructuring programme that the company had called ‘Grow-Fix-Divest’. At the time, the company boasted of a ‘sound financial position’ and said it was going to use the (undisclosed) proceeds to clear all senior debt and to invest in the exhaust division.

However, a notice in the London Gazette confirmed that administrators had been appointed on June 5th.

The company previously went into administration in 2013. At the time it blamed competition from Eastern Europe and long-lasting stainless steel reducing the frequency of exhaust replacements. It also blamed its own former employees, who took it to court over redundancy payments. The company later bought itself out of administration.

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PREMIER MOTOR FACTORS GOES INTO ADMINISTRATION


Walsall-based parts supplier Premier Motor Factors has gone into administration.

 Timothy Frank Corfield has been appointed as the official administrator, and an auction of the firm’s assets and stock will be held from February 26 through auctioneer Deeley Matthews..  

Stephen Doyle started the company (officially called Direct Wholesale Europe) in August 2008, right at the start of the recession. The company had a strong online presence, with eBay being a particular strength. However, recent feedback suggests that it struggled to fill orders in the past few weeks, and the administrator was called in just before Christmas.

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ECP – ANDREW PAGE LATEST: COMPETITION AUTHORITY DEADLINE TONIGHT

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ECP – ANDREW PAGE LATEST: COMPETITION AUTHORITY DEADLINE TONIGHT


 

The CMA (Competition and Markets Authority) has said that Euro Car Parts’ buyout of Andrew Page faces an ‘in-depth merger probe’, unless it ‘offers acceptable ways of addressing competition concerns’ by the end of today (Wednesday May 17).

ECP needs to come up with proposals to resolve the competition concerns. If it does not offer anything, or if the CMA is unable to accept undertakings offered, the merger will be referred for a ‘phase two’ investigation that is substantially more in depth and will take 24 weeks.

At the end of this period the CMA must rule whether the merger can go ahead, and if not, what can be done in the interests of a competitive market.

This follows from last year’s takeover of Andrew Page by ECP on the day that the former went into administration.

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LATEST: BRAKEWORLD IN ADMINISTRATION

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LATEST: BRAKEWORLD IN ADMINISTRATION


Leeds-based supplier Brakeworld entered administration on January 31. The company had been trading since 1986.

The independently owned braking and filtration supplier started as Blaze Glow Ltd in 1981, but changed name and business model in 1986 to become Brakeworld. At the time of closure, the company supplied over 7,000 lines and stocked brands including Japanparts, FTE and Sofima.

We’ll bring more info as we get it.

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COMPETITION WATCHDOG TO INVESTIGATE ANDREW PAGE TAKEOVER

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COMPETITION WATCHDOG TO INVESTIGATE ANDREW PAGE TAKEOVER


The Competition and Markets Authority is to probe the recent acquisition of Andrew Page by Euro Car Parts.

The case was opened on October 14, but no start or end date for the inquiry  has yet been announced.

Full details on the investigation, including the contact for any representations can be found on the CMA website here. 

 

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