Fri, 25 Feb 2011 | ADMINISTRATION
Less than two weeks after entering administration, Cheshire-based Auto Windscreens is to be closed down, having failed to identify a buyer.
All operations were suspended at Britain’s second biggest windscreen repairer on the 14th February when administrators from Deloitte were brought in.
The intention was to find a buyer for the whole business, and, while 90 expressions of interest were received, no suitable bids were forthcoming.
Chris Farrington, joint liquidator and partner at Deloitte, commented, “In the absence of any funding and no going concern offer, we have had no alternative but to close the business, leading to 1,042 staff being made redundant.”
Deloitte did manage to sell of some of the beleaguered firm’s assets including the freehold properties and 19 leaseholds.
Founded in 1971, Auto Windscreens provided its services to large motor insurance firms, fleet businesses as well as private car owners. It had revenues of £63 million, but a series of unfortunate events, including one of its main customers cancelling its contract, led to cashflow problems.
See our previous articles for background information on Auto Windscreens’ demise:
Auto Windscreens enters administration after winding-up petition - 15 February, 2011
Chesterfield windscreen business on lookout for white knight - 5 February, 2011
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