Mon, 17 Dec 2012 | ADMINISTRATION
Staffordshire-based firm, Drive Assist UK, has entered administration following a string of cash flow problems.
Headquartered in Tamworth, the firm employed 640 people across it 14 offices, including staff at the Sol Car Rentals and the Millennium Motor Group, which are owned by Drive Assist. However, many of these jobs will be cut in the administration process.
At the sites in Tamworth, a total of 229 jobs have been lost, while a further 179 went from the Fazeley site and 50 from the Ventura site. The remaining 30 redundancies were spread through sites across the country. Administrators said that 259 people have lost their jobs.
Alastair Beveridge from administrators Zolfo Cooper said that the administration was “the only option available” to Drive Assist due to cash flow issues brought about by the loss of a major customer. He added: “We will be working alongside all stakeholders to determine the most appropriate next steps for the benefit of all creditors.”
The business supplied short-term hire cars to people after accidents, while its subsidiaries offered corporate car rental and sales of ex-fleet vehicles.
The business has developed a highly specialised platform that acquires remotely sensed geospatial data from various sources, including satellites, and uses AI-powered analytics to provide customers with actionable insights.
The retirement sale of a very well established manufacturer of industrial paints and coatings, providing a wide range of coating products to a variety of customers.
The imminent sale of a well-established and well respected business, with over 20 years of experience.
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