Auto Car SOR Ltd (09996186): administration
- Status
- Administration ended
- Administration began
- 2022-11-29
- Administrators' firm
- CFS Restructuring
- Incorporated
- 2016-02-09
- Location
- Nottingham
- Industry
- 45112 Sale of used cars and light motor vehicles
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
3.1 In addition to the reduction in turnover described above, the Company also experienced significant difficulties with one particular car dealer. This dealer opererated several companies, ali of which utilised finance provided by the Company.
3.2 The finance provided by the Company to this particular dealer was used to fund the purchase of vehicles and also approximatly £100k was utilised on refurbishing the dealer’s premises.
3.3 As with all of the other dealers, weekly stock checks were undertaken on site by the Company. However, during lockdown these visits ceased due to nationwide restrictions. At some point, yet to be established as part of the Joint Administrators’ investigations, it is alleged that this dealer sold vehicles without seeking the consent of the Company and without discharging the outstanding finance on said vehicles.
Administrators' statement of proposals (2023-01-27) · Companies House register