By Martin Walker
The former Holiways car showhome has gone up for sale for just under £2m.
The collapsed family-owned Ford dealership went bust in August, with a loss of more than 80 staff.
Administrators have said they will only be able to raise less than a third of what it owes when it sells it assets.
The showhome and land – totalling 27,502 sq ft (2,555.02 sq m) – has gone up for sale for £1.95m with Sanderson Weatherall.
Meanwhile, a report filed with Companies House said that the business had assets with a book value of £3.5m, including property, vehicles and parts, but these were only expected to realise £2.5m.
The business owes more than £8.7m to creditors including Barclays Bank, Ford and the taxman. Ford is taking back its vehicles.
Mark Firmin and Howard Smith, of KPMG’s restructuring practice, appointed as joint administrators by FCE Bank in August.
The Newton Aycliffe-based business sold its dealerships in Durham and Hartlepool to Gateshead’s Vertu Motors at the end of June for £3.5m.
Holiways was hit hard by the end of the scrappage scheme and the impact of high fuel prices.
HOLIWAYS IN ADMINISTRATION – OFFICIAL
3 Comments
l.soulsby
September 28, 2012 at 5:19 pmquite annoying that three weeks after the administrators were called inthe hardys opened the rapid fit garage back up,couldnt of been that hard up!!
Dave
September 28, 2012 at 6:58 pmIsn’t it amazing that the same owners of Holiways ( Mathew and John Hardy) have funded and set up office in the buildings opposite Holiways Aycliffe, formerly Holiways bodyshop and Rapid Fit and renamed themselves Hilton Road Garage. Still driving about in their prestige cars and even using/selling the ex courtesy cars/vans and using equipment that they managed to pilfer from the falling business before administration!! How can this ever be allowed??
vince
September 29, 2012 at 8:35 pmThat is the problem when anybody or company is made bankrupt there is no legislation that say they can’t set up again under another name and carry on