Holt Car appoints Begbies Traynor for administration

09 February 2022 Consultancy.uk 1 min. read
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Begbies Traynor has been appointed to the administration of a Derby-based new and used car retailer. The move sees all the business’ employees lose their jobs.

Operating as a franchised dealer for 20 years, Holt Cars was an approved trader of Mitsubishi vehicles. Based in Alvaston, Derby, the organisation experienced poor financial health through the Covid-19 pandemic – along with the wider automotive sector.

As of the 5th Of January 2021, the family-owned company’s showroom closed to the public, and while it remained open for click and collect purchases the fall in footfall resulted in a downturn in trade. However, a greater blow came with the withdrawal of UK Mitsubishi sales which was announced in July 2020, resulting in a “significantly lower” number of new cars available for sale than forecast.

Holt Car appoints Begbies Traynor for administration

After a prolonged decline, Holt Cars has finally appointed administrators. This has seen all 12 of its staff made redundant, while its former premises at 998 London Road is being marketed for sale through Eddisons.

Meanwhile, Joanne Hammond and Kris Wigfield of Begbies Traynor have been named as joint administrators to the new and used vehicle retailer. The administrators will now work to realise the company’s assets.

The UK’s automotive market is still struggling to recover from the ravages of the pandemic. According to SMMT, there were 1.65 million new cars registered in 2021 – up just 1.0% on pandemic-stricken 2020, and still -28.7% below pre-Covid levels as myriad challenges subdue market.