The company’s website has been taken down and instead a statement from the administrators is displayed.
It reads: ‘Mark Firmin and Howard Smith of KPMG LLP were appointed Joint Administrators of Holiways Limited on 7th August 2012.
‘The affairs, business and property of the company are being managed by the Joint Administrators.’
Ford is currently riding high in the new car sales registrations figures – it’s Ford Fiesta alone commands a 5.6 per cent share of the new car market in the UK. Which makes this announcement even more shocking.
Local media have reported that the dealer group sold sites in Durham and Hartlepool to Vertu Motors, in an attempt to sure up the business, but that appears not to have worked.
Newspapers in the area have reported the dealer group – which is likely to make its 81 staff redundant – slashed the prices of its cars in recent weeks.
Administrator Firmin told The Northern Echo: ‘It is unsurprising that during a recession, a relatively rural car retailer has struggled.
Despite a restructure, which saw Holiways sell two dealerships in recent weeks, the significant losses incurred by the business through the summer means it simply could not continue to trade.’
Car Dealer contacted Ford for comment however a spokesman from the manufacturer said he couldn’t comment further.