Saab Great Britain placed in administration

After more than 50 years trading, Saab Great Britain has gone into voluntary administration, following months of intensive negotiations and an extensive period of suspended production and tight liquidity at Saab Automobile AB. The Saab GB board believes administration will offer legal protection to the company and its creditors until it can secure the funding it needs, and it has appointed David Dunckley and Daniel Taylor of Grant Thornton UK LLP as the companys joint administrators to assume the directors management powers. When questioned about the consequences of the administration for Saab dealers, a company spokeswoman said it was very early days and the administrators would be talking to Saab Automobiles AB about issues such as warranties and support going forward.

After more than 50 years’ trading, Saab Great Britain
Limited has gone into voluntary administration, following
months of intensive negotiations and an extensive period of
suspended production and tight liquidity at Saab Automobile AB.

The Saab GB board believes administration will offer legal
protection to the company and its creditors until it can secure the
funding it needs, and it has appointed David Dunckley and Daniel
Taylor of Grant Thornton UK LLP as the company’s joint
administrators to assume the directors’ management powers.

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When questioned about the consequences of the administration for
Saab dealers, a company spokeswoman said it was very early days and
the administrators would be talking to Saab Automobiles AB about
issues such as warranties and support going forward.

She emphasised that all its dealers were independent businesses
and believes some of them will be able to exploit opportunities as
a result of the administration, adding that market forces were
likely to drive values down, offering good sales opportunities.

Milton Keynes-based Saab GB is a 100% subsidiary of Swedish
Automobile NV, with exclusive rights to distribute Saab cars and
parts in the UK. It employs 55 staff and distributes cars and parts
to a 58-strong dealer network, of which 20 are Saab-only sites.
Saab City, a wholly owned subsidiary of Saab GB, employs 65 people
and operates Saab dealerships in Wapping and Fulham in London. Saab
GB offers motor finance via GMAC.

Swedish Automobile NV is continuing discussions with potential
investors regarding the sale of Saab Automobile AB and Saab Great
Britain.

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The UK is Saab Automobile’s largest European sales market
outside Sweden.