Jobs saved in national car servicing rescue deal

Birmingham-based business advisory, restructuring and insolvency practice Opus has saved 54 jobs and preserved the operations of all nine trading units for Concorde Tyre & Exhausts by signing a rescue deal with a major competitor looking to expand its business.

With an annual turnover of around £7m, Concorde Tyre & Exhausts initially sought inward investment but Opus said it became clear that while the underlying business was sound, a formal restructuring of its affairs would be required and a going concern sale to market the business and assets was carried out.

The business and its assets were eventually sold to IN’n’OUT in a rescue deal completed following its administration.

Steve Parker, partner at Opus, said: “We were engaged to support the application for administration and the sale of the business and assets. An immediate sale was critical to protect the 54 employees’ jobs at Concorde Tyre & Exhausts. A swift response and management of the sale process was successfully delivered by the Opus team in under two weeks, securing the best outcome for all parties., for which we are extremely delighted.”

Godric Walker, chairman of IN’n’OUT, added: “As part of our roll-out strategy, we are always on the lookout for viable companies to acquire to support the substantial growth plans that we have for the business. Concorde Tyre & Exhaust has multiple sites nationally which are complementary to our current locations. This acquisition fully supports the plans for IN’n’OUT and it’s a deal we are delighted to have secured.’ IN’n’OUT will own and operate 30 MOT and Car Servicing centres nationwide.”