540 JOBS LOST AFTER NATIONWIDE ACCIDENT REPAIR SERVICES GOES INTO ADMINISTRATION
The repairer was sold to RunMyCar, keeping 80 sites open but resulting in the closure of 30 more.
Nationwide Accident Repair Services has collapsed into administration, along with a number of its subsidiaries.
The business, which is headquartered in Witney, Oxfordshire, operates a national network of garages, servicing the accident repair market for large UK insurance firms.
After PwC was appointed as administrators, the majority of Nationwide Accident Repair's business and assets were sold to RunMyCar Ltd, a subsidiary of Redde Northgate.
The deal will save almost 2,350 jobs across 80 sites, including repair garages and offices.
However, 540 roles have been made redundant as 30 sites were closed.
Rob Lewis, joint administrator at PwC, said: "As with many other businesses, the group had to weather major financial fallout due to the economic impact of COVID-19, which meant that trading volumes were significantly reduced.
"Against that backdrop, the sale announced today reflects a significant positive outcome for the business, and we are especially pleased to have safeguarded 2,350 roles including apprentices, mechanics and technicians."
Mr Lewis said "every effort" was being made to support those who had been made redundant.
Rachael Wilkinson, joint administrator at PwC, added: "Companies across the automotive sector are still recovering from an extended period where activity ground to a halt, significantly depleting cash reserves.
"Some are only reaching a fraction of pre COVID-19 volumes despite reopening outlets. Consequently, the sector is set for a make or break re-balancing period over the next few months. Refreshed lending agreements, cash conservation and supply chain management will be key."
YOU'RE REQUIRED: ALAN SUGAR URGES PUBLIC TO GET BACK TO WORK
Business tycoon Lord Alan Sugar today urged Brits to “put on a suit, put on a dress and get back to work” amid rising calls to kickstart the faltering economy. Speaking to LBC radio, Sugar ...
LOCAL LOCKDOWN GRANT SUPPORTS BUSINESSES FORCED TO CLOSE
New grants worth up to £1,500 will be available every three weeks to businesses required to close due to local lockdowns or targeted restrictions. The new grants come as the government ...
CITB TO REMOVE 5,000 SMALLER CONTRACTORS FROM LEVY SYSTEM
Around 5,000 smaller construction companies will not have to pay any levy to the CITB next year. The training body is raising its Small Business Levy Exemption threshold for employers with wage b ...
VIRGIN ATLANTIC TO CUT ANOTHER 1,000 JOBS AFTER £1.2BN RESCUE DEAL
Virgin Atlantic is said to be preparing a further 1,000 job cuts, hours after securing approval for a £1.2bn rescue deal. The airline, founded by Sir Richard Branson in 1984, will announce the l ...
SELF EMPLOYED .. WHAT CAN I CLAIM AS EXPENSES?
If you're self-employed, you will have various running costs. Some of these expenses you can deduct on your tax return as allowable expenses. Allowable expenses do not include money taken from your bu ...
CHANCELLOR ORDERS REVIEW OF CAPITAL GAINS TAX
The chancellor has commissioned a review of Capital Gains Tax (CGT) to examine how gains are taxed in comparison to other types of income. The office of Tax Simplification (OTS) will undertake the rev ...