Joint administrators Jon Newell and Philip Long of PKF said yesterday that they were nearing the end of the bidding process for the company, which went into administration last month.
‘We are pleased with the level of interest so far, which has resulted in two firm offers being made,’ said Long. ‘We expect there to be further offers in the next few days and we will consider them all carefully before reaching a final decision.’
Jensen Motors, which has been around since the 1930s, specialised in high-end sports cars. Over the last four years it has developed the Jensen SV8s, an extremely rare car worth £42,000. Only around 25 have been made, which was the cause of much of many of the company’s problems.
‘According to its business plan it was supposed to be building five cars a week, but it is only making two a week so it simply ran out of cash,’ Newell said.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies