One of Harrogate’s largest car dealerships has gone into administration as a furious row emerges between the firm’s directors and the bank Santander.
Directors of Nidd Vale Motors have blasted the bank for “pulling the rug out” from under them and calling administrators in with no warning. The company now faces an uncertain future with more than 100 jobs under threat.
The directors have hit out at events saying they are furious with the bank’s actions.
In a written statement, the company’s directors said their attempts for a properly planned sale of the business ended when the bank called in administrators with no notice.
The statement said: “The directors report that the bank didn’t even discuss its intentions on the telephone. They are now unsure what the future holds.”
The company’s Non Executive Chairman, Richard Jackson, said they were very disappointed.
“We have had months of hard work trying to organise an orderly sale and move into a new purpose built site at St James’ retail park at Knaresborough. It was extraordinary that the administrators were parachuted in last Friday, there was no discussion with the directors at all. This could have been avoided completely.”
Administrators from Leonard Curtis are now in charge of the of the 90 year old independent company, which sells Mazda, Seat and Vauxhall, was founded in Knaresborough and has grown across Yorkshire. Mr Jackson added: “Hopefully the administrators can sell the business and the 103 staff can retain their jobs.”
A spokesman for the bank said administrators had been called in after efforts to resolve the firm’s financial issues failed.
The bank said: “We have been working closely with Nidd Vale Motors to try to resolve financial issues. However, following a failure to reach a financial resolution, administrators have been appointed to look at the best options for the future of the company and its staff.”
The Nidd Vale site on Leeds Road has been sold to a developer with Marks and Spencer likely to open a new food store there next year.