HMRC smashes Auto Windscreens
Windscreen repair and replacement firm Auto Windscreens has gone into administration following lower-than-expected revenues resulting in cash-flow pressures.
Last night Deloitte was appointed administrators to the number two player in the UK market after the firm failed to recapitalise, despite being in the midst of implementing a major operational turnaround.
A Deloitte statement says:
"The company had been in extensive discussions with a large number of interested parties to provide the funding required to recapitalise the business. However, before a recapitalisation could be agreed, the company received a winding up petition from a large creditor and had notice from one of its major customers that it was terminating the contract"
According to The Guardian, the "large creditor" in question was HMRC.
While Auto Windscreens had ran into difficulties after suffering delays in the implementation of its IT systems, it maintained extensive discussions with a large number of interested parties to provide the necessary funding. Lloyds Banking Group is Auto Windscreen's main lender.