4:39 am, November 29, 2011
SAAB Automobile has decided to put its UK arm into administration with immediate effect, it’s been announced today.
The firm quotes ‘a long period of suspended production and tight liquidity siutation’ as the reason for taking the voluntary decision to place the operation into administration.
With immediate effect, David Dunckley and Daniel Taylor of Grant Thornton UK LLP have been appointed joint administrators of Saab GB.
The board of Saab GB is of the opinion that administration gives the company and creditors the necessary legal protection until it has secured the required funding for the company.
Saab GB, a 100 per cent subsidiary of Swedish Automobile N.V. (‘Swan’), has exclusive rights to distribute Saab cars and parts in the UK.
It employs 55 people in Milton Keynes and distributes the cars and parts to a 58 strong dealer network across the UK of which 20 are ‘Saab only’ sites.
Saab City, a wholly owned subsidiary of Saab GB employing 65 people, operates two Saab motor dealerships, one in Wapping and a smaller site in Fulham.
Swan continues discussions with potential investors regarding the sale of Saab Automobile AB and Saab Great Britain Limited.
