Manor Oak PMG, a two-site Peugeot dealer formed from the remnants of one-time major motor retailer Glenvarigill, has gone bust.
The company, and Peugeot UK, had been trying to find a buyer for the past nine months but without success, AM understands.
Blair Nimmo and Gary Fraser, administrators from KPMG, were appointed last Thursday, and decided the business had to cease trading.
It had employed 60 people across its Dundee and Aberdeen Peugeot dealerships, of whom 48 have been made redundant immediately. Both sites have retained six staff during the insolvency process.
Manor Oak (PMG) Ltd was formed in 2007 by Kevin Lamb, Glenvarigill's finance director, and Dean Fulton to trade the Peugeot dealerships in Aberdeen and Dundee after purchase from Glenvarigill. www.am-online.com/news/story/New-business-rises-from-the-ashes-of-Glenvarigill-/42894836
KPMG said the business incurred continuing losses putting severe pressure on the cash flow of the company.
Manor Oak (PMG)'s sister company, Manor Oak (HMG), which operates two Honda dealerships, continues to trade successfully, as normal, said KPMG.
Fulton resigned directorships of Manor Oak (HMG) and Manor Oak (PMG) in July.