09:09 ET<\/span>
\n<\/span><\/p>\nMore than 1,000 Auto Windscreens workers in Derbyshire and the West Midlands are to lose their jobs.<\/p>\n
The Chesterfield-based windscreen repair firm went into administration on 14 February, suspending all operations. <\/p>\n
Administrators from Deloitte announced the news at meetings in Birmingham and Chesterfield on Friday.<\/p>\n
The accountancy firm had hoped to find a buyer for the UK’s second biggest windscreen repair firm but said it had not been possible.<\/p>\n
The company said a number of factors had come together to cause Auto Windscreens to call in the administrators. <\/p>\n
‘Urgent funding’<\/span><\/p>\nOne of its major customers terminated its contract and a major creditor served it with a winding-up petition.<\/p>\n
This was on top of cash-flow problems caused by lower-than-expected sales revenues at the end of last year and delays in putting in place a new IT system, which was part of a major restructuring.<\/p>\n
Auto Windscreens had already been in talks about raising additional funds, but an agreement could not be reached in time.<\/p>\n
Chris Farrington, of Deloitte, said: “Our focus at the outset was to seek funding for a trading period and to run an intensive marketing period in an attempt to save the business as a going concern. <\/p>\n
“We approached the major customers to seek urgent funding but unfortunately none of these customers were able to assist in the circumstances. <\/p>\n
“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.”<\/p>\n<\/p><\/div>\n<\/p>\n
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