Saxon Bridge Automotive Limited (05523363): administration
- Status
- Administration ended
- Administration began
- 2019-11-12
- Administrators
- Rebecca Jane Dacre, Simon David Chandler
- Administrators' firm
- Mazars
- Incorporated
- 2005-08-01
- Location
- Milton Keynes
- Industry
- 45112 Sale of used cars and light motor vehicles
Why it went into administration
- Weak consumer demand
- Funding withdrawn / unable to refinance
- Weather / natural events
From the administrators' statement
The Company was incorporated on | August 2005. It was a retail car sales business based in Milton Keynes. It was originally funded by the directors following a re-mortgage together with a Bank overdraft and after a short period of time stock was financed through dealer funding. The original premises were leased and following an opportunity arising, the building in Wolverton was purchased and the volume of trade continued to increase. Staffing increased from 3 to 15 employees after acquiring workshop premises to carry out the Company’s own work to reduce costs.
The Company took on a Practical Car and Van Rental franchise. This boosted turnover but also increased debt through entering into several hire purchase and lease agreements.
The Company then took on a much larger premises opposite the original site in Wolverton under a three-year lease. The site was approximately two acres and held in excess of 120 vehicles. After around two further years, the Company started looking towards their next move and at this point decided to expand and open Milton Keynes' first Car Supermarket.
Administrators' statement of proposals (2020-01-10) · Companies House register