Lease 360 Evolution PLC (04334998): administration
- Status
- Administration ended
- Administration began
- 2012-07-30
- Administrators
- Robert Alexander Henry Maxwell, Rob Sadler
- Administrators' firm
- Begbies Traynor
- Formerly
- Lease 360 Vehicle Management Limited
- Incorporated
- 2001-12-05
- Location
- Leeds
- Industry
- 45200 Maintenance and repair of motor vehicles
From the administrators' statement
Since its incorporation the Company has operated within different areas of the automotive industry and has served direct corporate markets in leasing and fleet management The Company had, most recently, provided services directly to retail consumers through a “soft franchise” model supplying vehicle maintenance services through third party retailers The Company also developed a standalone maintenance plan designed specifically for the driving instructor market and rebranded and repositioned the business to a provider of automotive solutions In early 2012 the Company also developed an online quotation system to deliver maintenance plans to corporate, retail and affiliate partners, including insurance companies and franchised motor dealers
In the Company's pnme tt managed in excess of 3,800 vehicles with over 20 staff and had a tumover of £105 milion per annum However, the global credit crunch saw the Company's financial credit lines withdrawn, restricting Its ability to continue with core leasing activities and, immediately prior to the administration, it was estimated that the Company was making losses of circa £50,000 per month
In addition to the above, a revaluation of the business’ premises was undertaken during the first quarter of 2012, which resulted in a write down of circa £170,000 in the value of the Company's freehoid property taking the balance sheet into a negative equity position
Administrators' statement of proposals (2012-09-18) · Companies House register