Tue, 27 Mar 2012 | BUSINESS SALE
The fate of a major car dealership is looking a lot brighter after administrators managed to secure a sale.
Eden (GM) Ltd in East Dorset has acquired the assets and two retail sites of Seward (Wessex) Ltd following a sale by the latter's administrators, Smith & Williamson.
The sale will see the businesses rebranded as Eden Branksome and Eden Christchurch with immediate effect and should also secure the jobs of 135 people. It is a positive turn of events for a firm that had run into significant financial difficulties.
Greg Palfrey, head of the restructuring and recovery services section of Smith & Williamson, claimed that the administrators had always been confident of a sale thanks to the fact that Seward is a “strong brand with many qualities and opportunities”.
Speaking to the Car Dealer Magazine, he added: “This deal, put together in a tight timeframe, means the jobs of more than 135 people are thankfully safeguarded.
“I wish to publicly thank the staff at Seward (Wessex) for their outstanding professionalism during what was, understandably, an anxious and uncertain time for their families and themselves.”
Founded in 1989, Seward had an estimated turnover of £42.5 million, down from its peak of around £100 million. The deal went through for an undisclosed seven-figure sum.
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