BRISTOL Cars is to go into liquidation – bringing an end to 75 years of luxury car production by the firm.
The High Court has said the troubled firm must be wound up and its assets sold so that creditors can be paid the millions that they are owed.
Insolvency practice Frost Group has been appointed as the liquidator, following a petitioning by HM Revenue and Customs. Bristol Cars’ last accounts, for the year ending December 31, 2018 and filed at Companies House, show that the Surrey-based firm was more than £7m in debt.
‘We’ve been told there are group companies with premises which are still working with people turning up for work, so the whole thing hasn’t gone, but our investigation should reveal the full extent of what was being done and when,’ said joint liquidator Jeremy Frost in a Telegraph article.
Bristol Cars, which was founded in 1945, went into administration in 2011 but was bought out and re-established by KamKorp Ltd. It unveiled the Bullet sports car in 2016 – its first new model in more than 10 years – but the two-seater never went into production.