A. C. Williams Limited (00878225): administration
- Status
- Administration ended
- Administration began
- 2011-12-14
- Administrators' firm
- Begbies Traynor
- Formerly
- A.C. Williams Garages (Ancaster) Limited
- Incorporated
- 1966-04-29
- Location
- Manchester
- Industry
- 5010
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
The company had been trading for over 50 years and was generating a tumover of approximately £11 millon per annum
lis trade was made up of two distinct divisions The first division involved two Renault franchises, based at Ancaster and Grantham, both in Lincolnshire, which provided new and used vehicle sales, a parts distribution centre system for Renault and car servicing and repairs facilities The second division provided coach hire, either for holidays, one-off tnps or local authonty school runs The coach side had obligations to customers in respect of deposits taken in preparation for tnps planned for December and into 2012
The directors contacted their accountants to discuss a potential cash flow problem created by the required monthly payment to Renauit forecast to cause a breach in the Company's overdraft facihty of £600,000 No ways of averting this problem could be identified and forecasts, prepared by the Company's accountant, appeared to indicate that losses were likely to be made for the rest of the financral year to the end of Apni 2012, with corresponding increasing requirements for cash The directors, recognising that they were likely to be faced with senous financial issues if they continued to trade in the same manner, took professional advice from Begbies Traynor
Administrators' statement of proposals (2012-02-14) · Companies House register