Fleet News

DC Cook goes into receivership

ONE of the UK's largest motor retailers, DC Cook Holdings, has gone into receivership, blaming last year's collapse in residual values as the main cause. The firm, which expanded heavily in recent years, made pre-tax losses of £6.3 million in the year to April 30, 2000 on turnover of £266.1 million.

It employs 700 people and operates 27 franchises, including Alfa Romeo, Fiat, Citroen and Renault. Motor Solutions, its web-enabled business-to-business company, is the only company in the group not in receivership, but all firms continue to trade 'as normal'.

Grant Thornton is handling the receivership and partner Nigel Ruddock said: 'DC Cook has been suffering from cash-flow problems for quite some time, reflecting the significant problems faced by the industry as a whole, following a period in which it expanded rapidly. DC Cook is a significant player within its industry and we believe that parts of it will prove attractive to potential purchasers.'

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