Concorde Tyre & Exhaust Centres Ltd (07554616): administration
- Status
- Administration ended
- Administration began
- 2018-06-29
- Administrators
- Trevor John Binyon, Steven John Parker
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2011-03-07
- Location
- Milton Keynes
- Industry
- 45320 Retail trade of motor vehicle parts and accessories
Why it went into administration
- Creditor pressure / legal action
- Parent or group failure
From the administrators' statement
As detailed above, Opus provided advice to the Company to assist with placing the Company into Administration following the presentation of a winding up petition against the Company. It was clear that in the event that a Compulsory Liquidation appointment was allowed to continue it would cause substantial loss to each class of creditor and would result in nominal value being achieved for the Company’s assets.
We instructed Bird & Bird LLP to assist with an application for Administration to be submitted to Court for the appointment process to override the winding up petition. in that respect work was immediately commenced to submit witness statements to Court to confirm that a better result would be achieved in Administration than in Compulsory Liquidation.
In addition to the Court application, Lambert Smith Hampton were instructed to conduct a full valuation of the business and assets and liaise with potentially interested parties in order to achieve a pre-packaged sale of the business. Negotiations were commenced with two parties with whom the Directors had conducted some initial preparatory discussion with regarding a potential investment/sale position, namely In ‘n’ Out Autocentres and Halfords, both of which are nationally recognised motor repair companies.
Administrators' statement of proposals (2018-07-24) · Companies House register