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Autocue brings in the administrators
Page 6
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One of the UK's leading car transport specialists has run into a financial crisis, causing problems for the entire sector. Jennifer Ball reports.
CAR TRANSPORT specialist Autocare Distribution has gone into administration just nine months after being rescued from its last cash crisis.
On 9 September PricewaterhouseCoopers (PWC) was appointed as administrator ofAutocare Distribution and Autocare Handling, followed by Autocare UK on 12 September. The businesses had been formed out of the ashes of collapsed car transport firm Richard Lawson Auto Logistics in January (CM 27 January).
Autocare has not given any rea son for the crisis but admitted earlier this year that it had been hit by the collapse of MG Rover, which owed it about f500,(XX). The closure cost Autocare £4m in turnover three months after it was bought out of administration; Rover accounted for around 8% of its £50m-a-year turnover (CM21 April).
Bruce Cartwright, joint administrator at PWC. says: We will be working hard over the course of this week to seek continuity of supply for the customers and to preserve as much employment as we can. We recognise that this is an important period for the motor trade with this month's registration of new cars, and we will be seeking to work with customers to ensure any disruption in the delivery chain is minimised.
"Discussions have started with various parties to seek to preserve the Autocare UK business; it is too early to determine the outcome."
Richard Lawson, former boss and founder of Richard Lawson AutoLogistics, says :1 feel sorry for the staff; creditors and for the senior management team who have put a real effort into the business. It couldn't have happened at a worse time for the car manufacturers as it A will disrupt their entire supply chain."
John Manners-Bell, analyst with Transport Intelligence, warns this could be the first of many casualties: The market out there at the moment is very tough. I would be very surprised if there are not a lot more going out of business."