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Auto Windscreens goes into administration
Auto Windscreens is the UK's second biggest windscreen repair firm
Auto Windscreens has gone into administration, putting 1,100 jobs at risk.
The Chesterfield-based company, the UK's second biggest windscreen repair firm, said it had temporarily suspended all operations.
The administrators from accountancy firm Deloitte said there were no funds with which it could carry on trading.
The majority of staff have been asked to stop work and customers are being advised to contact alternative firms.
Deloitte said a number of factors had come together to cause the firm to call in the administrators.
One of its major customers terminated its contract with Auto Windscreens, and a major creditor served it with a winding up petition.
This was on top of cash flow problems caused by lower-than-expected sales revenues at the end of last year and delays in putting in place a new IT system, which was part of a major restructuring.
Auto Windscreens had already been in talks about raising additional funds, but an agreement could not be reached in time.
The administrators said they would be continuing these discussions.
Deloitte has also asked for people interested in buying the business, or part of it, to get in touch.
Auto Windscreens has 68 fitting centres, 550 mobile units, a call centre and a distribution centre in Aston, Birmingham.
cheeRS
Auto Windscreens is the UK's second biggest windscreen repair firm Auto Windscreens has gone into administration, putting 1,100 jobs at risk.
The Chesterfield-based company, the UK's second biggest windscreen repair firm, said it had temporarily suspended all operations.
The administrators from accountancy firm Deloitte said there were no funds with which it could carry on trading.
The majority of staff have been asked to stop work and customers are being advised to contact alternative firms.
Deloitte said a number of factors had come together to cause the firm to call in the administrators.
One of its major customers terminated its contract with Auto Windscreens, and a major creditor served it with a winding up petition.
This was on top of cash flow problems caused by lower-than-expected sales revenues at the end of last year and delays in putting in place a new IT system, which was part of a major restructuring.
Auto Windscreens had already been in talks about raising additional funds, but an agreement could not be reached in time.
The administrators said they would be continuing these discussions.
Deloitte has also asked for people interested in buying the business, or part of it, to get in touch.
Auto Windscreens has 68 fitting centres, 550 mobile units, a call centre and a distribution centre in Aston, Birmingham.
cheeRS
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