More than 100 jobs lost as car valeting firm enters administration
A WARWICKSHIRE car valeting business has entered administration with the loss of more than 100 staff. The firm has blamed tough market conditions for its collapse.
Administrators Andy McGill and Mark Orton from KPMG in Birmingham have been appointed to handle the affairs of Radium Automotive, which previously traded as JohnsonVellen and Jet Total Vehicle Solutions.
The business, which worked with fleet management companies to refurbish ex-lease vehicles before selling them back to the trade, employed 167 people from its extensive site in Long Marston, close to Stratford-upon-Avon.
Administrators said that due to significant cashflow problems within the business, they had been left with no option than to make the majority of the employees redundant.
Mr McGill said: “The business invested heavily in recent years, acquiring its new 35 acre leasehold site in Long Marston. However, the failure of a key customer earlier this year plus ongoing economic pressures in the sector have resulted in a material decline in turnover levels and ongoing order book.
“As a result, the business became unviable and regrettably we have had no alternative but to close it down with immediate effect and implement an orderly wind down strategy.”
A number of employees have been retained to assist the administrators.
