8:43 am, December 4, 2024
A family-run used car dealership has closed down without warning with liquidators now preparing to swoop in.
The doors to Swanson Motor Company suddenly slammed shut just under two weeks ago (Nov 22) and a message confirming the closure has now appeared on the firm’s website.
The Newton Abbot-based Ford specialist told customers that it has been forced to close ‘due to unforeseen circumstances’ that it ‘apologises for any inconvenience’.
DevonLive reports that a meeting of the business’s creditors will now take place next Monday (Dec 9), when a vote will be held on whether to appoint liquidators and begin the process of winding the company up.
Car Dealer attempted to contact the outfit this morning (Dec 4) but received no response.
According to records on Companies House, the dealership was set up in 2011 and is run by businessmen Kevin and Michael Quigg.
The Government website lists the company as being called ‘Newtabb Ltd‘, despite the dealership trading under the name ‘Swanson Motor Company’.
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.
