Fri, 31 Mar 2023 | ADMINISTRATION
Administrators are seeking buyers for the business and assets of Spirit of 48 Ltd, a Yorkshire-based specialist in restoring and adapting Land Rover Defender models, and the firm’s parent company ARM Automotive Yorkshire Ltd.
Emma Mifsud and Mark Ranson of Opus Restructuring LLP were appointed as joint administrators to the Thirsk-based companies on March 16 after the business experienced a period of growing financial pressure.
Upon their appointment, the two companies immediately ceased trading, with 17 staff laid off and two retained to assist in the administration. Alongside agent Sanderson Weatherall, the administrators will seek to establish the two companies’ financial position and maximise asset realisations for creditors.
While the business is being advertised for sale, administrators are still ascertaining and investigating debts and assets, with the outcome for creditors uncertain until this process completes.
Joint administrator Mark Ranson said: "Our initial focus is on identifying the financial picture at the two companies, so that we can find buyers for the assets and return any third party items to their beneficial owners. Any parties interested in acquiring the business and/or making use of its premises should contact us as soon as possible."
Spirit of 48 Ltd was originally called LR Motors (Yorkshire) Ltd, before the company’s name was changed in January of this year. The business was founded in 2015 as part of the Twisted Group, before being acquired by ARM Automotive Yorkshire and its current management team in January 2021.
As well as the restoration and adaptation of Land Rover Defenders, the company also sells equipment including quad bikes.
In the its accounts for the year ending December 31 2021, the firm's fixed assets were valued at £157,130 and current assets at £706,103. At the time, the company’s net assets amounted to £150,705.
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