KPMG appointed administrators of Visteon UK

by Rachael Singh

More from this author

31 Mar 2009

  • Comments

Administrators from KPMG have been appointed to car parts supplier Visteon UK following substantial losses.

Jim Tucker and John Hansen were appointed as joint administrators for the UK arm of Visteon Corporate, which has not been profitable since 2000. It had relied heavily on the global arm to bail it out of trouble racking up £669m in losses.

The corporate arm is now the biggest creditor with Visteon UK owing it £400m. Visteon Corporate has said it can no longer afford to support the business, prompting the move into administration.

The administrators have closed all three factories based in Basildon, Enfied and Belfast resulting in 565 redundancies. The remaining 45 people will stay on with the company to assist the administrators with the winding down of the business.

Tucker said: 'The entire automotive supply chain has been under pressure for a number of years. In the current economic downturn, car sales have dropped dramatically, which has caused further severe pressure on parts suppliers.'

Further reading:

MGR appointed administrators to Vitality

Visitor comments

blog comments powered by Disqus
display:none

Add your comment

We won't publish your address


By submitting a comment you agree to abide by our Terms & Conditions

Your comment will be moderated before publication

Submit
  • Send

Newsletters

Get the latest financial news sent directly to your inbox

  • Best Practice
  • Business
  • Daily Newsletter
  • Essentials

Careers

Search for jobs
Click to search our database of all the latest accountancy roles

Create a profile
Click to set up your profile and let the best recruiters find you

Jobs by email
Sign up to receive regular updates with the latest roles suitable for you

Briefings

budget-management

Why budgeting fails: One management system is not enough

If budgeting is to have any value at all, it needs a radical overhaul. In today's dynamic marketplace, budgeting can no longer serve as a company's only management system; it must integrate with and support dedicated strategy management systems, process improvement systems, and the like. In this paper, Professor Peter Horvath and Dr Ralf Sauter present what's wrong with the current approach to budgeting and how to fix it.

cchcover

iXBRL: Taking stock. Looking forward

In this white paper CCH provide checklists to help accountants and finance professionals both in practice and in business examine these issues and make plans. Also includes a case study of a large commercial organisation working through the first year of mandatory iXBRL filing.