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The Car Shop acquires Autoquake assets

The Car Shop, the used car supermarket group, has bought Autoquake's e-commerce sales platform and intellectual property for £350,000. The Car Shop

Traffic from autoquake.com is now being directed to the carshop.co.uk website.

Autoquake went into administration on March 17 after failing to secure enough funding or stock for the business to continue.

Administrators MCR said there were 46 expressions of interest for the company's online sales platform and intellectual property.

Autoquake had actually entered into the process of potentially merging or selling to another company at the end of 2010 which would have facilitated the eventual wind down of the company.

In January 2011, investors informally confirmed that they intended on supporting Autoquake through the merger/sale process by providing a bridging loan. The bridging loan was intended to allow the company to continue trading for a period of 10-12 weeks.

The offer of a bridging loan was withdrawn on March 8 after Autoquake failed to find a buyer for the business.

On March 14 Autoquake came under severe creditor pressure from key creditors and so, as the company could not raise additional finance, the decision was taken by the directors to place the company into administration.

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