Thu, 09 Jan 2020 | ADMINISTRATION
Scotland’s Leven Car Company has gone into administration and has appointed Stuart Robb and Michelle Elliott of Leonard Curtis Recovery Limited as it seeks a buyer.
The company employs 139 staff at showrooms in Costorphine and Bankend, Edinburgh and Selkirk in the Scottish Borders. Staff arriving for work on Wednesday were reportedly turned away after being informed of the administration.
Leven has not published results since the year ending December 2017, when it achieved turnover of £45 million, an increase of 28.9 per cent on 2016, and a pre-tax loss down 252.6 per cent at £323,541, following a profit of £212,001.
However, last year the company said it had seen an increase in new car sales along with a 138 per cent rise in Kia-approved used car sales.
The flagship Costorphine showroom sells high-end cars, including holding the franchise for Rolls-Royce, while the company is also the sole franchise-holder for Aston Martin in Scotland.
In March 2018, Leven acquired the Kia and Suzuki franchises in Selkirk from the Belmont Group. Leven also sells Mitsubishi, Caterham and Lotus.
None of Leven’s 139 staff have been made redundant, with the administrators continuing to assess the company’s financial position. Leven has also said it will maintain a presence at its dealerships in order to address customer queries.
Joint administrator Stuart Robb said: "We are currently assessing the company's financial position with a view to seeking a buyer for all or parts of the business.”
"This is a unique opportunity to acquire a business with a strong reputation, excellent customer base, and a highly knowledgeable and loyal workforce."
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