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Auto Windscreens goes into administration | Auto Windscreens goes into administration |
(40 minutes later) | |
Auto Windscreens has gone into administration, putting 1,100 jobs at risk. | Auto Windscreens has gone into administration, putting 1,100 jobs at risk. |
The Chesterfield-based company, the UK's second biggest windscreen repair firm, said it had temporarily suspended all operations. | |
The administrators from accountancy firm Deloitte said there were no funds with which it could carry on trading. | |
The majority of staff have been asked to stop work and customers are being advised to contact alternative firms. | |
Deloitte said a number of factors had come together to cause the firm to call in the administrators. | |
One of its major customers terminated its contract with Auto Windscreens, and a major creditor served it with a winding up petition. | |
This was on top of cash flow problems caused by lower-than-expected sales revenues at the end of last year and delays in putting in place a new IT system, which was part of a major restructuring. | |
Auto Windscreens had already been in talks about raising additional funds, but an agreement could not be reached in time. | |
The administrators said they would be continuing these discussions. | |
Deloitte has also asked for people interested in buying the business, or part of it, to get in touch. | |
Auto Windscreens has 68 fitting centres, 550 mobile units, a call centre and a distribution centre in Aston, Birmingham. |
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