GT to wind down failed motor dealership group
Corby Motor Group becomes the latest victim of the massive downturn in the motor industry
Partners at Grant Thornton have been appointed administrators of Corby Motor
Group as the downturn continues to hit the auto industry hard.
Ian Carr and Matt Dunham have the task of winding down the Kettering-based
group after they were unable to keep the company trading while a sale was
sought. Almost all of the 63 employees at the group’s Honda and Peugeot
dealerships have been made redundant, with a small number kept on for a short
time to assist with the wind down.
Group turnover in 2008 was around £21m but heavy losses were sustained in the
second half of the year, resulting in a cash flow crisis during the first
quarter of 2009.
‘We are working with the manufacturers to try to ensure that customers’
interests are safeguarded – we recommend that customers make contact with Grant
Thornton personnel at the sites in the first instance,’ said Daniel Taylor,
automotive partner at Grant Thornton.