Almost the entire staff of independent car retail group Waters Retail Ltd, trading under Waters AutoPlanet, have been made redundant following the dealership network being put in to administration on 5 October.
Zolfo Cooper, appointed administrators of the business, announced that the business could no longer be kept trading and staff were called to an emergency meeting on 7 October where the redundancies were announced.
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Despite a thorough review of the options the business could not continue to trade and we have regrettably had to make the majority of employees redundant, said Kevin Coates, director of Zolfo Cooper and one of the three individual joint administrators.
We would like to thank all staff involved in this business for their continued dedication during what has been a difficult time.
On assuming administrative responsibility two days earlier, Coates had spoken of Waters Retails strong portfolio of brands, supported by a team of high-quality individuals. Despite earlier fears, AutoPlanet dealerships were kept open on 5 October and no redundancies were made, though Zolfo Cooper confirmed that some members of staff were sent home, pending the administrators review of business.
Around 20 employees will be retained by administrators to aid the sale of the business. Zolfo Cooper confirmed there had been a good response to their pledge that they would listen to all potential interested parties.
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By GlobalDataWe remain hopeful that we can agree a sale of the individual sites in due course and are encouraged by the level of interest we have already received, said Coates.
AutoPlanet employed 209 staff members at car franchises for Fiat, Kia, Mazda, Peugeot, Renault and Seat at seven sites in the south of England, a HiQ franchise in Harpenden and three used car supermarkets across London, Maidstone and Southampton.
richard.brown@vrlfinancialnews.com
