Tue, 04 Sep 2012 | ADMINISTRATION
Radium automotive has entered administration with KPMG appointed to handle the situation.
Andy McGill and Mark Orton from the accountancy firm have taken joint administration of the firm, which fell into real problems when one of its key customers collapsed earlier this year.
Mr McGill added: “The business invested heavily in recent years, acquiring its new 35 acre leasehold site in Long Marston.
“However, the failure of a key customer earlier this year plus ongoing economic pressures in the sector have resulted in a material decline in turnover levels and ongoing order book.”
The company worked with fleet management firms to refurbish ex-lease vehicles before selling them back to the trade. Its site in Long Marston employed 167 people, the majority of whom have been made redundant, with just a handful retained to assist the administrators.
The administrator added that there was “no alternative” but to close the company down with immediate effect and an implement an “orderly wind down strategy”.
Radium Automotive had previously traded as JohnsonVellen and Jet Total Vehicle Solutions. Its latest financial figures suggest that the firm had a net worth of £903,486, held by shareholders.
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