Wed, 05 Oct 2011 | ADMINISTRATION
Car Dealer Magazine is reporting that the Waters Auto Planet dealership may have been put into administration.
The industry publication said news had been circulating about the company's status since Tuesday evening, which they had been able to back up with information from three other trusted sources.
Calls made to one of the firm's branches are being patched through a call handling company that is informing people that the particular branch - one of 22 across the whole of the south of England - is 'closed today due to financial issues'.
One source close to the company said that there were some complicated financial issues being worked through. The source explained that it may not be as simple as just an administration, and that a buy-out may be in place.
The company, which specialises in used cars and has three major car 'supermarkets' in London, Maidstone and Southampton, was awarded the Car Dealer Magazine Group Franchised Eward last year for its impressive website. The company represents a number of major manufacturers, including represents Kia, Renault, Mazda, Peugeot and Seat.
No statement has yet been made by the company on the matter or from its purported administrators.
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LEASEHOLD
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