Car dealership company Waters goes into administration
A CAR dealership company which operates a Letchworth GC garage went into administration yesterday (Wednesday).
Kevin Coates, Peter Holder and Anne O’Keefe, of corporate advisory and restructuring specialists Zolfo Cooper, have been appointed joint administrators of Waters Retail Limited, following a period of cash flow difficulties and poor trading, due principally to the current economic climate.
The directors of the company, which has a Renault garage in Works Road along with six other dealerships in the South East selling Renault, Kia, Mazda, Fiat and Peugeot vehicles, had been in advance discussions to sell the company in recent months, though were unable to complete a sale.
Run under the Waters AutoPlanet brand, the business employs 209 people and, on appointment, no redundancies were made, although a number have been sent home pending the outcome of the administrators’ review of business.
Kevin Coates, director at Zolfo Cooper, said: “Waters Retail Limited is an established, recognised business with a strong portfolio of brands, supported by a team of high quality individuals. However, it operates in a very challenging market.
“Our initial focus will be to assess the business and to enter discussions with key stakeholders, to identify all realistic solutions for the company and its individual sites.
“We are considering all possible options for the future of the business and would welcome enquiries from interested parties. Customers with enquiries should email firstname.lastname@example.org.”
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*Have you been affected by Waters going into administration? If so email email@example.com