Unipart Automotive Woes Put 1,600 Jobs At Risk
Britain's biggest independent car parts supplier was on the verge of appointing administrators on Tuesday, putting up to 1,600 jobs at risk.
Sky News understands that Unipart Automotive, which has a network of 200 branches, has filed a notice of intention to appoint KPMG to act as administrator following protracted trading difficulties.
Sources said on Tuesday that the company was hopeful of securing a rescue deal prior to KPMG's formal appointment that would preserve most, if not all, of the 1,600 jobs.
A deal could be struck before the end of the week, they added, although it was unclear where any new funding would come from.
Unipart Automotive, which was once part of the British Leyland industrial group, is majority-owned by H2 Equity Partners, a Dutch private equity firm, having been sold by Unipart Group in 2011.
According to the company's website, it is the largest independent supplier of car parts, workshop consumables and garage equipment to the after-market.
A report in the Daily Telegraph in May said that Unipart Automotive had completed a refinancing which included new injections of capital from its shareholders.
KPMG declined to comment.