The administrators of a motor repair chain, who rescued the business via a pre-pack deal, have instructed CAPA to conduct a property audit across the firm’s national sites.
Concorde Tyre & Exhaust Centres, whose head office was in Northampton, had been providing motor vehicle parts and repair services since 2011. Its turnover had risen from £211,000 to over £5.5m in less than five years and customer numbers had reached 160,000.
But after the company expanded, it encountered severe cashflow difficulties, along with rising costs due to leased equipment and rent reviews.
Following mounting pressure from creditors, Steven Parker and Trevor Binyon of Opus Restructuring were called upon to help secure the company’s future.
Immediately upon their appointment as administrators of Concorde on June 29, they sold the business via a pre-pack to IN’n’OUT Autocentres, a national car servicing provider which is now trading from 30 outlets nationwide.
The deal ultimately secured the safety of 54 jobs, payment to the secured creditors in full and the continued trading of the business.
After their appointment, Opus instructed CAPA to conduct a property audit across 10 Concorde sites around the country.
The instruction means CAPA will undertake a forensic audit of sums paid out across the properties, including utility bills and other elements. The team will use bespoke software to inspect the data and uncover errors or any anomalies, such as overspend, that will enable them to recover cash for Concorde’s creditors.