Andover: Administrators sell site of collapsed motor dealership
Secured creditors are to receive most of their money back following the collapse of a motor dealership in Hampshire. Administrators from Smith & Williamson, the accountancy and investment management group, have successfully sold the strategically-located property at Newbury Road, Andover, for an undisclosed seven-figure sum.
The freehold site, where long-established Vauxhall dealership Approach (UK) traded before folding last August due to financial difficulties, was acquired by a private developer.
More than 20 offers for the site were received by joint administrators David Blenkarn and Greg Palfrey, who are from the restructuring and recovery services team at the South Coast office of Smith & Williamson in Southampton.
Blenkarn said: “There was healthy interest in the site, with a large number of offers made. We accepted the highest offer as this would give the best return to the creditors. The three secured creditors will receive the bulk of the money owed to them from the disposal.
“The site, which includes showrooms, a vehicle body shop and car wash, was bought with existing planning permission in place; it is understood that the petrol service station will remain.
“The new owner may look to create a mixed development, subject to all the necessary planning consents being granted and new jobs should be created at this Andover development.”
A second Approach (UK) dealership, at Churchfields Industrial Estate, Salisbury, also ceased trading. This operated from a leasehold site.
GVA, a national commercial property consultancy, acted as agent for Smith & Williamson in the sale of the Andover site.
Resources: Smith & Williamson website
David Blenkarn of Smith & Williamson
