KPMG’s restructuring practice has been appointed as administrators to Nissan and Citroen dealership operators Slaters of Abergele Limited, Slaters of Ruthin Limited and Slaters North Wales Car Centre Limited.
KPMG’s Paul Dumbell and David Standish have been named as joint administrators for the family motor businesses, based in North Wales, which operate from two sites in Abergele and Mochdre.
The move comes after AM reported that a “pension deficit” had led to the sites’ closure.
The group’s other entity, Slaters North Wales Limited, which operates from sites in Colwyn Bay, Caernarfon and Anglesey, is not in administration.
A total of 74 people are employed by Slaters of Abergele in in Abergele and Mochdre: the principal trading site from which the company sells new and used Nissan and Citroen cars in Abergele and a servicing and repairs facility in Mochdre.
Dumbell, director at KPMG and joint administrator, said: “In recent months, the Group has experienced severe cash flow pressure driven by continued trading losses, a downturn in new car sales and restrictions on used car finance. This has resulted in facility limits being reached and missed payments to the company’s creditors.
“With no prospect of an upturn in trading, it is our intention to commence a managed wind down of the business.
“Regrettably, we have therefore had to make 68 members of staff redundant, with the remaining staff being retained in the short term to assist us with the closure of the sites.
“Any customers with outstanding orders are advised to contact email@example.com and we will endeavour to respond as quickly as possible.”