The collapse of MG Rover has led to further misery in the rest of the UK, with the announcement by administrators PricewaterhouseCoopers that car dealership operator Phoenix Venture Motors is in administration.
PVM operates MG Rover dealerships offering new and used car sales, as well as servicing and spares.
Rob Hunt, joint administrator and partner at PwC, said that it was owed a ‘substantial sum’ of money by Rover, and that as the chances of securing a sale of MG Rover Group as a going concern looked ‘less likely’, the directors of PVM were left with ‘little option but to seek an administration order’.
PVM operates from 11 sites in the Midlands, northwest and south of England, and has 472 employees. In the year ended 31 December 2003 it had turnover of about £80m and reported a loss of £2.5m.
Tony Lomas, Steven Pearson and Rob Hunt, all partners at PwC were appointed joint administrators of PVM.
‘We will be working with management to quickly establish which of the sites can remain open and continue to trade, so as to preserve parts of the distribution channel for MG Rover cars’, Hunt added.
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season
Baldwins Accountancy Group has continued investment in the north-east and appointed David Fish as a director in its corporate finance team
UK M&A activity bounced back strongly in July and August, according to analysis by the deals practice at PwC.
Smith & Williamson has added Jim Clark and Philip Marsden, of Marsden Clark Corporate Finance Limited, to its corporate finance team.