Motor World, the UK independent automotive car care retailer, has closed 95 of its 237 retail units and appointed BDO Stoy Hayward as administrators.
The closure of the 95 retail sites has resulted in the loss of 300 jobs. However, BDO Stoy Hayward have successfully sold the remaining 142 sites to Pacific Retail for an undisclosed sum, saving 500 jobs.
The deal was funded by Cardiff-based Bailey Capital.
Motor World went into administration after suffering a significant downturn in retail sales on the high street which had led to a considerable number of its retail units trading at a loss.
Dermot Power, business restructuring partner at BDO Stoy Hayward, said: “Despite a strong trading name and presence on the high street, Motor World has been a direct casualty of the current retail difficulties and the continuing squeeze on available credit."