North East Ford retailer Holiways has gone into administration.
Administrator KPMG was appointed by Ford Credit Europe and expects to sell the family-owned company's assets and wind down its dealership Bishop Auckland and dealership and bodyshop in Newton Aycliffe.
Holiways recently sold two other Ford dealerships in Durham and Hartlepool to Vertu Motors in an attempt to shore up the business.
KPMG said the significant losses the company made during the summer left it unable to continue to trade, despite the recent disposals.
A week ago Holiways managing director Matthew Hardy denied to local journalists that the company was heading for administration.
As editor, Tim is responsible for the media content, planning and production of AM's multiple channels (AM print and digital magazines, website, social media and contributing to our events planning). He interviews and writes about as many franchised dealer groups and UK divisions of motor manufacturers as possible, to explore the issues facing UK motor retail and understand what solutions dealers and suppliers are using to overcome these.
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