SMB Accident Repair Group Limited (02906287): administration
- Status
- Administration ended
- Administration began
- 2017-08-08
- Administrators' firm
- Insolvency Practitioners of Jones Lowndes Dwyer
- Formerly
- Stockport Motor Bodies Limited
- Incorporated
- 1994-03-09
- Location
- Didsbury
- Industry
- 45200 Maintenance and repair of motor vehicles
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
3.1 In mid-June 2017 the Director was approached by Gemini Repairs Limited, a national body shop repair business, to enquire whether the business was for sale. This was given consideration and following negotiations Heads of Terms were agreed on 13 June 2017.
3.2 On 28 July 2017, the Company's plant, machinery, stock and work in progress was sold to Gemini Repairs Limited for the sum of £115,437.19 which was paid on completion. All staff, with the exception of the Director's personal assistant were transferred to Gemini, who commenced trading on 31 July 2017. Gemini did not take over any of the Company’s other creditors or debtors.
3.3. Immediately following this sale, the Company's remaining vehicles subject to lease agreements were novated to Strada Assist Limited. This was formalised by an agreement dated 2 August 2017.
Administrators' statement of proposals (2017-09-12) · Companies House register