Fri, 07 Oct 2011 | ADMINISTRATION
The administration of the company behind Waters AutoPlanet has been confirmed, with administrators from Zolfo Cooper appointed to handle the process.
Waters Retail Limited was officially placed into administration on Wednesday, following a period of slumped trading and cashflow difficulties, brought about by the difficult economic climate. Zolfo Cooper's Kevin Coates, Peter Holder and Anne O’Keefe will act as joint administrators.
Mr Coates said that the high-profile nature of the business was encouraging in terms of successfully finding a buyer.
"Waters Retail Limited is an established, recognised business with a strong portfolio of brands, supported by a team of high quality individuals," Mr Coates explained. "However, it operates in a very challenging market. Our initial focus will be to assess the business and to enter discussions with key stakeholders, to identify all realistic solutions for the company and its individual sites."
It is understood that the directors of the company - which represents manufacturers including Renault, Kia, Mazda, Fiat and Peugeot - had been in advanced discussions to sell the business in recent months, but had been unable to cement a deal.
Of the 209 staff employed by the company, no redundancies have yet been made, but a number of staff were sent home pending the administrators' review of the business.
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