Independent car retail group Waters Retail Ltd has been put in
to administration as of 1315 BST today, chairman John Hannah has
confirmed to Motor Finance.
Though the group had been looking for buyers for as many of the
group’s sites as possible in recent months, it is understood the
FSA-regulated group has approached Peugeot’s finance arm, Banque
PSA, to appoint Zolfo Cooper as administrators of the
business.
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AutoPlanet employs 209 members of staff 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.
Despite earlier fears, AutoPlanet dealerships were open today and
no redundancies have been made so far, though Zolfo Cooper have
confirmed that some members of staff were sent home, pending the
administrator’s review of business.
“Waters Retail Limited is an established, recognised business with
a strong portfolio of brands, supported by a team of high-quality
individuals,” said Kevin Coates, director of Zolfo Cooper.
Peugeot have confirmed that, of the number of dealers within group,
the current round of troubles for AutoPlanet originated at a
Peugeot dealership. Administration follows a period of difficulty
with AutoPlanet’s margins and poor trading, though Coates
attributes this to “a very challenging market”.
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By GlobalDataZolfo Cooper will hold discussions with key stakeholders but are
open to all potential interested parties.
richard.brown@vrlfinancialnews.com
