City Motor Holdings Ltd could enter administration
Future of Newbury dealerships uncertain
THE future of three car dealerships in Newbury could be under threat following an announcement that owner, City Motor Holdings Ltd, may be forced into administration.
In an announcement this week the motoring group, whose franchises include Gowrings Ford, City Peugeot and City Kia all based at Newbury Motor Park in Pinchington Lane, said it had been forced to consider taking the company into administration as a result of poor trading.
The firm confirmed it has already ceased trading out of City SEAT and City Skoda in Basingstoke as of Tuesday this week.
A spokesperson for the group said: “We are in talks with third parties that may lead to the sale of the remaining dealerships as a going concern, and if a buyer can be found it will give us the best chance of preserving as many jobs as possible.
“There are a number of parties with whom we are in discussions, which is encouraging.
“We can’t comment further until the negotiations with potential buyers are completed.
“All staff are being kept updated on the current situation and will be first to know should any developments be made.
“We continue to work closely with the vehicle manufacturers to ensure any disruption to consumers is kept to a minimum.”
City Motor Holdings Ltd owns a range of franchises across Newbury, Basingstoke and Reading.