Santander defends Nidd Vale administration
SANTANDER has said a failure to reach a “financial resolution” with Nidd Vale Motors led the bank to call in administrators to the well-known Yorkshire brand.
As reported by TheBusinessDesk.com yesterday, directors at car dealer Nidd Vale Motors have hit out at Santander, claiming the bank “pulled the rug” from under the company when it called in administrators without their knowledge.
However, a Santander spokesperson said: “We have been working closely with Nidd Vale Motors to try to resolve financial issues. However, following a failure to reach a financial resolution, administrators have been appointed to look at the best options for the future of the company and its staff.”
TheBusinessDesk.com understands that the Harrogate-based company, which has three dealerships selling Mazda, Vauxhall and Seat vehicles and is chaired by prominent Yorkshire businessman Richard Jackson, is continuing to trade, despite reports to the contrary.
The company employs 103 staff who are understood to still be in work.
In a statement, Nidd Vale, which also involves Nigel Pullan, said: “Directors at Nidd Vale Motors have expressed their serious disappointment that after months of hard work to enable a sale of the business to be completed and a move to a purpose built new site at Knaresborough, Santander Consumer Finance have ‘pulled the rug’ from under them and appointed Leonard Curtis as administrators.
“Although they had given notice to the bank of their intentions, under which an administrator could have completed a properly planned sale of the business, the directors report that the bank didn’t even discuss its intentions with them on the telephone. They are now unsure what the future holds.
“Nidd Vale’s directors are clearly furious at the actions taken by the bank and the administrators. However, they have confirmed that they will continue to do everything in their power to ensure that the long established business is saved so that the loss to creditors can be minimised and as many jobs as possible can be preserved.”
Santander Consumer Finance, which offers car, commercial vehicle, motorcycle and caravan finance, appointed Leonard Curtis as administrators last Thursday, it is understood.
