8:44 am, December 18, 2024
A small family-run used car dealership appears to have appointed insolvency practitioners, just weeks after the business closed without warning.
Car Dealer reported on December 4 that the doors to Swanson Motor Company had suddenly slammed shut with a message confirming the closure appearing on the firm’s website.
The Newton Abbot-based Ford specialist told customers that it has been forced to close ‘due to unforeseen circumstances’ and a meeting of the business’s creditors was scheduled for December 9.
It was widely expected that a vote would take place on whether to appoint liquidators and begin winding up proceedings.
While no official minutes from the meeting appear to have been published, it now seems that creditors backed the plans, according to new documents filed with Companies House.
The company, registered under the name ‘Newtabb Ltd’, has officially filed a change of address notice, meaning it is now based at the offices of Castle Hill Insolvency.
The outfit, based at 1 Battle Road in Newton Abbot, are licensed insolvency practitioners, with 40 years combined experience, advising on all aspects of corporate insolvency and recovery.
It therefore seems likely that the end is near for the dealership, which was set up in 2011 and is run by businessmen Kevin and Michael Quigg.
Due to the law around small companies, the firm has not been required to publish full accounts, meaning its most recent profit and loss figures are not publicly available.
However, documents published on September 30 show the firm had some hefty debts, at the end of its last financial year – with long-term borrowings totalling of over £1.5m.
Included in the figures was a £566,367 working capital loan and a unit stocking finance loan of £934,151.
According to the limited accounts the firm employed 16 people and had assets of £271,612 at the end of its most recent financial year.
