KPMG appointed administrators of Visteon UK

KPMG appointed administrators of Visteon UK

Car parts manufacturer goes into administration after nine years of reported losses

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:

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