Turnover generated from MG Rover for these dealerships amounted to £15.8m, with operating profit reaching £355,000 from the six months ending September 30, 2004.
On March 31, Caffyns owned approximately £3.6m of MG Rover stocks (including £1.5m consignment stock) representing 16% of the company’s total vehicle stock.
The dealerships affected in Eastbourne, Brighton and Worthing are currently in the process of re-franchising. Branches in Lewes and Uckfield will continue to trade as MG Rover used and after-sales operations.
Caffyns is currently owed £54,000 from MG Rover, as well as any additional charges from vehicle stocks.