Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings, which operate 13 new and approved used car dealerships across the Thames Valley and has collapsed with the loss of 267 jobs
Headquartered in Basingstoke and with sites in Newbury and Reading, the companies operate dealerships for a number of vehicle manufacturers, including Ford, Peugeot, Citroen, Suzuki, Kia, Honda, Seat and Skoda, in addition to operating the used car dealership, PX Centre in Basingstoke.
Last week, following a prolonged period of poor trading, the company closed several of its dealerships. Following the appointment of administrators, a total of 267 of the company’s employees were made redundant. The joint administrators have retained 19 members of staff to assist them in the winding down of operations.
Steve Absolom, joint administrator and director at KPMG, said: ‘While industry figures indicate that the number of new car registrations in the UK has remained consistently high over the last two years, the number of nearly-new and used cars also coming to market has put pressure on motor dealerships around the country.
‘Against this backdrop and after a sustained period of poor trading, the directors of City Motors Holdings took the difficult decision to close its operations and call for the appointment of administrators.’
