Administrators appointed at Drive Assist UK. 13/12/12
Independent advisory and restructuring practice Zolfo Cooper has now been appointed as administrator for accident management company Drive Assist UK.
The company has announced that Zolfo Cooper partners Alastair Beveridge, Ryan Grant and Simon Wilson have been appointed as joint administrators of Drive Assist UK Limited, subsidiaries Sol Car Rentals Limited and Millenium Motor Group Limited.
Joint Administrator Alastair Beveridge said "Unfortunately, in recent months the companies have experienced the loss of a major customer which has resulted in increasing cash flow pressures and administration was the only option available."
“We will be working alongside all stakeholders to determine the most appropriate next steps for the benefit of all creditors."
176 jobs have been lost at their Riverside Industrial Estate site and a further 50 staff have gone from the Ventura Park headquarters, leaving just a skeleton staff to "wind up" the business.
The company was established in 1992 and provided accident management services for insurers, brokers and accident repair centres.
The subsidiary Sol Car rentals was established in 1996 and the Millenium Motor Group was established in 1998.