Receivers were called in to the Proton and Perodua dealer, which had showrooms at Cromer, Fakenham and at Norwich City FC’s ground, two months ago after suffering ‘significant losses’ caused by a downturn in trade.
Twenty-eight people were laid off immediately with eight going when the Fakenham site closed in early March. Joint receivers Stephen Oldfield and Rob Hunt of PricewaterhouseCoopers continued to trade the business while they looked for a buyer.
But at the end of last week they said those efforts had failed and announced the closure of the business, with the loss of 20 remaining jobs at the Cromer and Norwich sites.
“During the week we had hoped that a sale to a team including management might occur and we worked hard with the management team to try to make that happen,” Oldfield says.
“Unfortunately, the buyout team withdrew its interest and in the absence of any other buyers we were left with no option but to announce the closure of the business. We will now progress to realize the assets of the business for the benefit of creditors.”
The dealership property at Cromer – which hit the headlines in November 2003, when a landslide in cliffs at the back of the site damaged a dozen cars – will be put up for sale.
Discussions are continuing regarding the future of the Norwich site, but Coredale’s management of the premises ended on March 31.
Coredale was founded in 1973 at Mundesley, where it ran an award-winning Volvo dealership and expanded to Sheringham a year later.
It took over the former Fakenham Car Centre in 1984 and moved to its main Cromer showroom in 1994, creating 20 jobs.
The company ran a dual franchise of Nissan and Citroen there, but last year Citroen made way for Proton and Perodua, while it lost its Nissan franchise at the beginning of February this year.