Mon, 10 Dec 2012 | ADMINISTRATION
One of the best-known motor retailers in Yorkshire, Nidd Vale Motors, has entered administration.
Based in Harrogate, the independent business was set to be sold and work had already begun to find a purchaser.
However, Richard Jackson, non-executive chairman of the group, claimed that creditors, Santander Consumer Finance, had “parachuted in” administrators from Leonard Curtis.
A statement from the directors of Nidd Vale explained that there was a great deal of disappointment at the fact that they had been prevented from going ahead with the sale.
It read: “Although they had given notice to the bank of their intentions, under which an administrator could have completed a properly planned sale of the business, the directors report that the bank didn’t even discuss its intentions with them on the telephone.”
A spokeswoman for Santander, meanwhile, told the Yorkshire Post that the creditor had “been working closely” with the firm to try and resolve its financial issues.
“However, following a failure to reach a financial resolution, administrators have been appointed to look at the best options for the future of the company and its staff,” she added.
Mr Jackson added that the company had cash in the bank and would have been able to help creditors, the business and staff out if a planned sale had been able to go ahead.
It is unclear whether or not administrators from Leonard Curtis, brought in by Santander, will now look to sell the company out of administration.
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