NORFOLK Peugeot dealer Howes and Sons Ltd has gone into administration it has been revealed.
The company – which can trace its routes back to 1784 – has been has been selling cars in the area for 50 years.
Trading as Howes of Fakenham, the Peugeot dealer had an annual turnover of £3m
The joint administrators, Julian Pitts and David Wilson of Begbies Traynor in Leeds, will continue to trade the business as normal while a new owner is sought. No immediate redundancies of the 13 staff are currently planned.
Pitts said: ‘This is a long established business with a good reputation and some valuable assets including a large leasehold site in a prominent location in Fakenham, comprising a well-maintained showroom, offices, and workshop facilities.
‘The directors and shareholders of the company very much regret that they have had to come to the decision to place the company in administration.
‘Following the sad deaths of two long-serving employees and the imminent retirement of its managing director there is no natural successor to what has hitherto been a family run company.
‘The company is also facing a substantial, albeit disputed, liability to make up an alleged deficit in its part of the Motor Industry Pension Fund following re-assessments of the pension fund’s requirements. These circumstances have led to the need for an orderly disposal of the company’s business and assets.
‘With its strong brand and prime location within the town, we are confident that we will be able to sell the business as a going concern.’