CLC Car Sales (South East) Limited (08820594): administration
- Status
- Administration ended
- Administration began
- 2024-02-28
- Administrators
- Glyn Mummery, Geoffrey Paul Rowley, Ian James Corfield
- Administrators' firm
- FRP Advisory
- Formerly
- CLC Car Sales Ltd; CLC Franchise (Retail) Ltd
- Incorporated
- 2013-12-19
- Location
- Brentwood
- Industry
- 45112 Sale of used cars and light motor vehicles
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
Despite steadily growing the HP book the Group was unable to reach sufficient scale to absorb the overhead base required to service the loan book.
In November 2023, the Company instructed a firm of restructuring advisers to provide support including the development of a high-level contingency planning report for the Group. At around the same time, FRP were engaged directly by the Blockers to support them in their consideration of the situation.
FRP were subsequently introduced to the Group by the Blockers and engaged by them together with GL and management in December 2023 to critically review short-term cashflow forecasts and provide ongoing advice on the Group’s financial position.
Administrators' statement of proposals (2024-04-29) · Companies House register