Industry — Retail

Spencers Auto

Automotive Retailer

Please note, names have been changed to maintain client confidentiality

The challenge

A company which owned and operated a number of automotive parts and accessories retail stores had outstanding debts to secured creditors, the franchisor, employees and trade creditors. The businesses had been impacted by a drop in retail trade across the entire industry

The response 

We were appointed as Liquidator to the Company. We assessed that there was no likelihood the businesses would trade profitably again and after consultation with the company Directors, we managed the return of secured goods back to creditors and sold the remaining stock.

The result

Through the liquidation process, we enabled a dividend to be paid to employees and trade creditors.