More than 70 jobs have been axed at its outlets in Wolverhampton, Wednesbury and Cannock after PricewaterhouseCoopers was appointed administrator.
Asgard operates Volvo, Suzuki and Daihatsu franchises in Wolverhampton and Cannock, and Kia, Citroën and Mitsubishi in Wednesbury, as well as a fleet sales operation and service and parts departments. PricewaterhouseCoopers says all sites continue to trade at present.
Its latest accounts are overdue, but figures filed for 2003 showed turnover at £55m, up £18m on the previous year. However, profits had dipped almost £50,000 to £238,538.
Last year Asgard sold two Volvo dealerships, in Stourbridge and Solihull, to Johnsons Cars.
The group is owned by businessman Resham Lally, who operates a local property company, a management consultancy and has interests in India. Its managing director is Rashy Todd.
Among the business goals set out on the company’s website are “to achieve a 2% return on sales” and “to proactively find ways of supporting others less fortunate than ourselves”.
PricewaterhouseCoopers’ administrators Rob Hunt and Mark Hopkins are overseeing the affairs of Asgard (Midlands), which runs the Cannock and Wolverhampton operations and Asgard (Wednesbury), which controls the Wednesbury dealerships and the fleets sales department.
No-one from Asgard management was available for comment as AM went to press.