12:55 pm, January 21, 2012
MOTORBIKE retailer George White Motors Limited has called in the administrators and made most of its staff redundant.
The company, which has been established for more than 50 years, is the leading independent motorcycle retailer in the UK with an annual turnover of £25m. Its headquarters are in Swindon and there are five other locations across the UK.
Poor trading results over the last two years coupled with increasingly difficult market conditions and low margins have resulted in cash flow constraints.
In the absence of a significant cash injection into the company, the directors were unable to continue trading the business. Richard Hawes and Robin Allen, of business advisory firm Deloitte, have been appointed joint administrators.
Hawes, a partner in Deloitte’s restructuring services team, said: “There are no funds currently available to be able to continue to trade the business.
‘Unfortunately, there was no other option but to make 61 employees redundant. Nine employees have been retained for a short period to assist the administrators with completing outstanding customer orders and to complete an orderly closure of the sites occupied by the company.’
