Saab GB enters administration while funding is sought
Wed, 30 Nov 2011 | ADMINISTRATION
Saab GB, the British arm of the Swedish car manufacturer Saab, has voluntarily entered administration following months of unresolved negotiations with its owner, Saab Automobile NV (Swan).
The company distributes cars to some 58 dealerships across the UK, with 20 of those sites dealing only with the Saab brand. It employs 55 people at its headquarters in Milton Keynes and is the brand's largest sales market in Europe outside Sweden.
It has been placed in the hands of joint administrators David Dunckley and Daniel Taylor of Grant Thornton UK LLP. A statement issued by the board of the company today said, "The board of Saab GB is of the opinion that administration gives the company and creditors the necessary legal protection until it has secured the required funding for the company. The appointment of the administrator is effected by the directors of Saab GB."
It has been reported that the company received a conditional offer from Chinese investors Pang Da and Youngman at the end of October, who offered £88 million (€100 million) for the company, to be paid in a number of installments. No funding has yet been received by the company, but it is thought that the process of entering administration will give both companies the time and security to finalise the details.
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