More than 1,000 Auto Windscreens workers have lost their jobs after administrators said today that they were unable to save the business.
Deloitte announced the closure of the Chesterfield-based group and made 1,042 staff redundant after failing to get an offer for the business as a whole.
They had hoped to keep the UK's second largest windscreen and repair business running as a going concern while they sought a buyer following its collapse earlier this month.
The majority of staff had already been sent home after the company went into administration on February 14, but the company was not officially closed until today when all workers were laid off.
Administrators said that, despite 90 approaches, they were unable to find a buyer and efforts to raise financing also failed.
Chris Farrington, joint liquidator and partner at Deloitte, said: "We approached the major customers to seek urgent funding, but unfortunately none of these customers were able to assist.
"Whilst the intensive marketing process resulted in over 90 expressions of interest, no party made an offer for the business as a whole.
"In the absence of any funding and no going concern offer, we have had no alternative but to close the business, leading to 1,042 staff being made redundant."
Deloitte said it has sold some of Auto Windscreen's assets including the freehold properties and 19 of the leasehold properties.
Auto Windscreens operated a network of 68 fitting centres across the UK, 550 mobile units, a distribution centre in Aston, Birmingham, and a central call centre.
The company, which had an annual turnover of around £63 million, had been undergoing a recovery programme, but ran into trouble after it was hit by delays in bringing in IT systems, coupled with lower-than-expected revenues in the final quarter of 2010, which led to cashflow pressures.
The group held talks with a number of parties to secure funding, but was dealt a final blow when one of its major customers ended its contract and it received a winding-up petition from a large creditor.
Auto Windscreens was founded in 1971 and served major motor insurers, fleet businesses and private individuals.Reuse content