Peugeot dealer placed in administration

Howes of Fakenham, the family run Norfolk Peugeot dealership has been placed in administration.

The £3m turnover business has been trading for 50 years is now being run by joint administrators, Julian Pitts and David Wilson of Begbies Traynor in Leeds, who will continue to trade the business while a new owner is sought.  No immediate redundancies of the 13 staff are currently planned.

“This is a long established business with a good reputation and some valuable assets including a large leasehold site in a prominent location in Fakenham, comprising a well-maintained showroom, offices, and workshop facilities,” said Pitts.

Pitts said the directors and shareholders of the company decided to place the business in administration following the deaths of two long-serving employees and the imminent retirement of its managing director.

“There is no natural successor to what has hitherto been a family run company,” he said.
The business also faces a disputed pension fund liability.

“The company is also facing a substantial, albeit disputed, liability to make up an alleged deficit in its part of the Motor Industry Pension Fund following re-assessments of the pension fund’s requirements.  These circumstances have led to the need for an orderly disposal of the company’s business and assets.

“With its strong brand and prime location within the town, we are confident that we will be able to sell the business as a going concern.”