County Car Mart Limited (02950088): administration
- Status
- Administration ended
- Administration began
- 2016-06-24
- Administrators' firm
- Antony Batty
- Formerly
- County Caravans Limited; Giltacre Limited
- Incorporated
- 1994-07-19
- Location
- London
- Industry
- 45111 Sale of new cars and light motor vehicles
Why it went into administration
- HMRC / tax arrears
- Management failings / irregularities
From the administrators' statement
The Company was| formed in July 1994 and commenced trading as a used vehicle sales operation It rented| premises on the Buckingham Road tn Bicester and built up sales locally over the following years In 2008 the Company joined the Vauxhall and Chevrolet franchises As Chevrolet was a new franchise to the UK tt took 5 years to build up a profitable operation in the area However in December 2013 General Motors announced that tt was terminating all retail operations in the UK market with immediate effect
In 2014 County Car, Mart was approached by representatives from SsangYong and MG who were looking for representation in the Bicester area Following a review of the forecast sales volumes supplied by these manufacturers and the sales budgets the Company considered that these franchises would be profitable for the Company within 2 years This target was not achieved, and budgets were're-calculated in July 2015 The director considered that consolidating the business to a predominantly used vehicle sales operation incorporating multt-make vehicle servicing, MOT sales and a single low cost new vehicle franchise consisting of new vehicle sales and aftersales, was the only way the business would be in a position to progress SsangYong also required double their new vehicle stock holding requirement, which made the franchise costly and unsustainable A revised budget was planned with a forecast to return to profit in
Accordingly, Vauxhall and Chevrolet authorised repairer franchises and the SsangYong new vehicle and authorised repairer Franchise were terminated in the fourth quarter of 2015
Administrators' statement of proposals (2016-08-24) · Companies House register