North-west independent retailer Horners Motor Group has gone
under, it has emerged, with the loss of up to 73 jobs at two sites
in Manchester and Rochdale.
The receivers, from BDO Stoy Hayward, said in a statement:
“Following an immediate business review, the administrators have,
regrettably, had to close both sites with the loss of the majority
of jobs.”
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However, there is a chance the sites might be sold to another
group, said business restructuring partner at BDO, Matthew Dunham:
“We remain hopeful of securing a sale of both Horners sites.”
Dunham blamed competition in car retailing and ever-tighter
margins for the group’s demise.
“As a result, firms like Horners are experiencing falling volumes,
rising costs and price deflation,” he added.
In its last accounts, Horners made a loss of over £560,000 on
sales of £29.7m. The group had been in existence since
1922.
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By GlobalDataMotor Finance Issue: 45 – July 08
Published for the web: July 11 08 16:52
Last Updated: July 11 08 16:58
