Fri, 25 Jul 2014 | ADMINISTRATION
Unipart Automotive has entered administration having failed to find a buyer for the business.
It was reported earlier this month that administrators had been put on standby as the firm teetered on the brink of financial collapse; the news has now come that the company has indeed entered administration. More than 1,400 employees will lose their job at Britain’s largest independent car parts supplier as a result.
A deal was made with Andrew Page and The Parts Alliance, which will see 33 of Unipart’s 180 UK branches remain open. The rest will be closed immediately as the administrators – KPMG – will look to find further buyers for the rest of the business and its assets.
Joint administrator Mark Orton, of KPMG, said: "Despite intensive efforts over recent weeks, a sale of the whole Unipart Automotive business could not be reached, and a buyer could only be found for 33 of the sites on a going concern basis.
"Unfortunately, the business had been experiencing financial stress for a number of years, so the level of cash and further operational restructuring required to rescue a more substantial part of the business posed too much risk for most interested parties."
The failure of the business comes despite the reportedly strong performance of the UK’s automotive sector. It is thought that the number of new cars on the road, facilitated by cheap finance deals, does not reflect the competitiveness of the spare parts market, with UK firms competing against overseas firms.
_____________________________________________________________________
Related information:
Unipart Automotive looks for buyer with administrators on standby
Businesses for sale
A concept which led to revolutionizing the restaurant industry, offering an efficient and profitable approach to food production and targeted marketing.
Their versatile offerings include custom rafted joinery products such as elegant doorsets, stylish TV and media units, functional desks, ingenious shelving and storage solutions, luxurious bed surrounds, stunning timber staircases, sophisticated engi...
As a specialist in Italian Motorcycle Parts and Accessories supplies, the business has developed expertise in sourcing and offering a comprehensive range of high-quality products.
17
|
May
|
Focus Group continues acquisitive growth with telecoms deal | BUSINESS SALE
Business communications provider Focus Group has continued i...
17
|
May
|
Foresight-backed lab services group acquires sample storage specialist | BUSINESS SALE
Biofortuna, a laboratory services group backed by SME invest...
17
|
May
|
Brown & Brown acquires two insurance brokers | BUSINESS SALE
Brown & Brown (Europe) has continued its acquisitive activit...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.