Financial News

  • 25 July 2014, 15:23

Unipart Automotive Closes With 1,200 Jobs Lost

One of the country's largest suppliers of car parts has ceased trading with the loss of 1,244 jobs after a buyer could not be found.

Sky News revealed earlier this month how the financier Jon Moulton's Better Capital was competing against Euro Car Parts to land Unipart Automotive.

But administrators confirmed today that no deal had been possible to save the Solihull-based company.

Unipart Automotive, whichoperated 80 branches and distribution hubs,traded as Unipart Automotive, Partco Autoparts, and Express Factors.

Following the appointment of administrators from KPMG, part of the business wassold to Andrew Page and The Parts Alliance, saving 33 branches and 361 staff.

But KPMG said the remainder of the Unipart Automotive business had now been closed.

KPMG partner Mark Orton said: "Unfortunately, the business had beenexperiencing financial stress for a number of years, so the level of cash andfurther operational restructuring required to rescue a more substantial part ofthe business posed too much risk for most interested parties."

Unipart Automotive, previously known as Partco, was sold by Unipart Group in2011 and was under the control of H2 Equity Partners prior to the collapse.

The company confirmed a third party had been involved in the talks to potentially rescue the firm.

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