Deloitte administrators called in as Auto Windscreens cracks
Administrators from Deloitte seek to recapitalise Auto Windscreens after serious cash flow problems cause it to cease trading
ADMINISTRATORS FROM DELOITTE have been called in at Auto Windscreens after the company hit cash flow problems.
Matt Cowlishaw, Chris Farrington and Dominic Wong were called in to the number two player in the windscreen replacement and repair market after delays to IT upgrades and lower than anticipated revenues at the end of 2010 left the company short of cash.
Auto Windscreens, which employs around 1,100 staff and has annual turnover of £63m, had been in discussions to recapitalise the business when it received a winding up petition from a large creditor and lost a contract from a major customer. This left it little option but to call in administrators and cease trading.
“It is extremely disappointing to see such a well-known business enter administration,” said Cowlishaw. “The company worked extremely hard to try and recapitalise the business, but unfortunately this could not be achieved in the time available.
“We are now in urgent discussions with the key stakeholders and interested parties in an attempt to save the business. We have provided the employees with full briefings and have set up a dedicated employee hotline to help them understand their position.”
