Concept Vehicles Limited (06202929): administration
- Status
- Administration ended
- Administration began
- 2011-12-23
- Administrators
- William James Wright, Mark Jeremy Orton
- Administrators' firm
- KPMG
- Formerly
- Concept (2007) Limited
- Incorporated
- 2007-04-04
- Location
- Birmingham
- Industry
- 5010
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The principal activity of the Company was the purchasing, selling and repairing of motor vehicles and other ancillary services The Company was incorporated on 4 April 2007 and operated three motor vehicle dealerships in Coventry, Sutton Coldfield and Cardiff The sites in Coventry and Sutton Coldfield were Hyundai franchises which also offered Saab after-sales service, and the Cardiff site was a Saab dealership
The Company had been profitable historically, however, owing to difficult trading conditions, reported a loss of £348,000 in the year ended 31 December 2010 Following a difficult period of trading, the manufacturer had withdrawn a financial support package to the Coventry and Sutton Coldfield operations which had created significant additional cash flow pressures
KPMG were engaged by the Company on 2 December 2011, alongside specialist motor consultants MTBN, to conduct an accelerated sales and marketing process as a result of the Company’s immediate financial and trading difficulties
Administrators' statement of proposals (2012-02-21) · Companies House register