Auto EX Limited (06834860): administration
- Status
- Administration ended
- Administration began
- 2014-09-03
- Administrators
- Gary Paul Shankland, Francis Gavin Savage
- Administrators' firm
- Begbies Traynor
- Formerly
- Auto Exporters UK Limited
- Incorporated
- 2009-03-03
- Location
- Southampton
- Industry
- 45111 Sale of new cars and light motor vehicles
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The Company was incorporated in March 2009 as an independent specialist Land Rover dealer based in Maidenhead, Berkshire The Company predominantly sold and serviced Land Rovers and became well known for Land Rover Defender conversions, restorations and custom builds The Company grew steadily and by 2012 had a turnover of £3 3m, operating from premises beside Maidenhead station In early 2012, the Company was required to relocate to its current premises in Stafferton Way, Maidenhead, where it continued to grow, employing around 26 employees
The Company began to experience financial difficulties as a consequence of a number of factors The relocation to Stafferton Way incurred considerable expense and resulted in loss of earnings, together estimated at over £450,000 To help fund this the Company took out an EFG loan with Barclays Bank ple
The Company had also invested nearly £300,000 in two businesses, an HR company and a building company that were not successful The Company had also been exporting custom built Land Rover Defenders to the USA, which had been very lucrative However, a clamp down by US Customs on imported cars resulted in a number of vehicles, the Company exported to US customers, being seized and tmpounded as they fell foul of the US vehicle and emissions legislation The Company then invested heavily in research and development to try and meet the US legislation
Administrators' statement of proposals (2014-10-09) · Companies House register