Opus selected for automotive refurbisher administration

05 April 2023 Consultancy.uk 2 min. read
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Land Rover Defender restorer Spirit of 48 fell into administration along with its parent company, ARM Automotive Yorkshire in early 2023. A process undertaken by Opus Restructuring will look to sell the firm sold out of administration – though the majority of staff have already been made redundant.

Initially established in 2015 as part of the Twisted  Group, Spirit of 48 restores Land Rover Defenders as its core business, while the group is also a retailer of quad bikes and other similar leisure equipment. The start of 2021 saw Spirit of 48 and ARM Automotive Yorkshire acquired by its management team. Twisted had no connection with the companies after the sale.

Previously known as LR Motors, Spirit of 48 – which had its head office and main workshop in Thirsk, as well as an office in Germany – changed its name in January 2023. Marking its first year of independence, the new name was also said to reflect the year of the first launch of the Land Rover Defender. Weeks later, however, Spirit of 48 and ARM collapsed, following a period of escalating financial pressure.

Opus selected for automotive refurbisher administration

In mid-March, the group’s funding provider appointed Mark Ranson and Emma Mifsud from the Leeds office of Opus Restructuring to oversee the administration of both companies. The firms immediately ceased trading, and 17 of its staff were laid off – leaving just two to assist the administration.

According to a release from the joint-administrators, they will now establish the financial position of the two companies, and are working with agents, Sanderson Weatherall to maximise asset realisations. This will see  the companies’ debts ascertained and investigated, pending completion of which, the outcome for creditors remains uncertain. In the meantime, though, the business is being advertised for sale.

Opus’ Ranson commented, “Our initial focus is on identifying the financial picture at the two companies, so that we can find buyers for the assets and return any third party items to their beneficial owners. Any parties interested in acquiring the business and/or making use of its premises should contact us as soon as possible.”