Fri, 11 Oct 2024 | ADMINISTRATION
A buyer is being sought after a retailer of used and new cars and motorbikes with locations across Wales and the South West of England fell into administration. Completely Motoring Ltd (CM) is a largely family-owned firm based in Staverton and Gloucester.
The group was founded in 2009 and steadily grew to become a major retailer of used and new vehicles across Wales and the South West, employing 165 staff across 14 showrooms and 11 locations.
In the year to March 31 2023, the group reported turnover of £78.4 million, up from £50.3 million a year earlier, but saw its pre-tax profits drop from slightly over £1 million to approximately £677,000.
After reportedly experiencing a poor summer period this year and encountering financial difficulties, the group has now fallen into administration.
Azets restructuring partner and licensed insolvency practitioner Jonathan Amor was appointed joint administrator of Completely Motoring Ltd, John Wilkins (Motor Engineers) Ltd, and Thunder Road Motorcycles Ltd (the group), alongside Matthew Richards of Azets and Alessandro Sidoli of Xeinadin Corporate Recovery Limited.
Following their appointment, the joint administrators have urged interested parties to make contact as soon as possible as they seek to maximise the chances of securing the group’s future.
Jonathan Amor commented: "Unfortunately, the group has encountered financial difficulties after a poor summer sales period. As a result, the group has been placed into administration to protect it.”
"We are exploring sale options with interested parties. We have received several expressions of interest and we urge any other parties to make contact as soon as possible, with a view to securing a future for the group and saving as much of the business, and as many jobs, as possible."
In the group’s 2023 accounts, its fixed assets were valued at £4.37 million and current assets at approximately £23.8 million, with net assets standing at around £2 million.
Following the collapse of Cazoo earlier this year, find out more about the challenges facing the used car retail industry
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