Companies House records show that a court order was issued in April to compulsory wind up the Exeter-based company. Its assets have been bought by Riders Garages Group, which operates the town’s St David’s Saab outlet and also has Jaguar, Volvo and Land Rover dealerships.
Managing director Frank Andrew launched the business in July 2003 in a joint venture with GM Daewoo, which invested in the business via a structure that allowed management to buy out its stake. It initially had outlets in Cardiff, Luton, Swansea and Exeter.
However it sold all but the Exeter dealership to Pendragon subsidiary Evans Halshaw in December 2004, when GM Daewoo also withdrew its investment. Its most recent accounts, for the period of July 2003 to December 2004, show an operating loss of £1.1m from £19.9m turnover. It also had almost £1m in debts.
Andrew was a former investor in Hanover Automotive, the collapsed dealer group from which NHM was founded. Hanover was initially one of GM Daewoo’s most important retailers in the UK, but it went into administration in mid-2003.
“NHM was a legacy of the transfer from Daewoo to GM Daewoo to Chevrolet. It has now been wound up as it’s a shell,” says a Chevrolet spokesman.