Grant Thornton have been appointed to take care of administrative duties.
Olympian operates from four multi-franchise dealership sites: Renault dealerships in Bournemouth, New Milton, Salisbury and Blandford: Fiat dealerships in Bournemouth, New Milton and Salisbury; a Nissan dealership in Salisbury and a Suburu service and parts centre from the site in Bournemouth. Approximately 180 people are employed across the company.
Olympian was set up in 1989. It primarily deals with the sale of new and used cars and light commercial vehicles, and also has repair and service facilities. Its sales were approximately £60 million in 2005.
Nigel Ruddock of Grant Thornton said: "The problems of the company are due to the difficult trading conditions prevailing in the sector which worsened noticeably throughout 2005. Sales have fallen and margins come under pressure.
“We are talking to a potential purchaser of the business and we will be developing our longer term strategy over the weekend. Currently the business is operating, albeit on a reduced basis, and currently we are not planning structural changes.
“Grant Thornton is also holding discussions with the manufacturers to ensure that disruption to customers can be minimised.”