Whichdeal Ltd (04997789): administration
- Status
- Administration ended
- Administration began
- 2022-12-20
- Administrators
- David Smithson, Michael Robert Fortune
- Administrators' firm
- PwC
- Incorporated
- 2003-12-17
- Location
- Fareham
- Industry
- 45112 Sale of used cars and light motor vehicles
Why it went into administration
- Property / lease costs
- Competition / price pressure
- Supply chain disruption
- Regulatory change or action
From the administrators' statement
2.1 The company was Incorporated on 17th December 2003 and commenced trading early the following year, Shaun Armstrong was the sole director and shareholder at the outset. The company operated as a small motor finance brokerage, to help consumers find the best ioan options and where required help with vehicle choice.
2.2 The company operated primarily online, receiving finance applications from consumers and locating lenders based on the consumers’ credit rating. It built up relationships with various lenders and packaged deals for its customers, assisted with the relevant loan documentation and offered after sales services. The company at its early peak had turnover of approx. £11m, generating pre-tax profits of over £1m.
2.3. In November 2016, Mr Armstrong entered into an agreement with Paul Nash, and sold 50% of the shares in the company, in order to raise capital funding for future investment. Mr Nash was previously a senior partner at PwC and it was anticipated that his contacts and experience would assist with the company’s growth. Unfortunately, existing senior management decided to leave following the new co-owner’s arrival, set up local competitor businesses and took key trading relationships.
Administrators' statement of proposals (2023-02-07) · Companies House register