Trollhättan, Sweden: Swedish Automobile N.V. (Swan) and Saab Automobile AB (Saab Automobile) announce that Saab Great Britain Ltd (Saab GB) filed for administration with the High Court in London today.
The board of Saab GB is of the opinion that administration gives the company and creditors the necessary legal protection until the required funding for the company has been secured. The appointment of the administrator is effected by the directors of Saab GB. Once appointed, the administrator will take on the management powers of the directors.
Swan received a conditional funding commitment from Youngman for the payment of the wages of the employees of Saab Automobile and for the continuation of the activities of Saab GB. Saab Automobile and Saab GB have not yet received this funding.
Saab GB has made a second Press release on this. It doesn’t say anything new, but there are some details on the structure of Saab GB, that could be interesting for people interested in the structure of that company.
SAAB GREAT BRITAIN LIMITED PLACED IN ADMINISTRATION
Following months of intensive negotiations and a long period of suspended production and tight liquidity situation at Saab Automobile AB, a voluntary decision has been taken to place Saab Great Britain Ltd (“Saab GB”) into administration.
With immediate effect, David Dunckley and Daniel Taylor of Grant Thornton UK LLP have been appointed joint administrators of Saab GB.
Saab GB, a 100% subsidiary of Swedish Automobile N.V. (“Swan”), has exclusive rights to distribute Saab cars and parts in the UK. It employs 55 people in Milton Keynes and distributes the cars and parts to a 58 strong dealer network across the UK of which 20 are “Saab only” sites. Saab City, a wholly owned subsidiary of Saab GB employing 65 people, operates two Saab motor dealerships, one in Wapping and a smaller site in Fulham.
The board of Saab GB is of the opinion that administration gives the company and creditors the necessary legal protection until it has secured the required funding for the company. The appointment of the administrator is effected by the directors of Saab GB. Once appointed, the administrator will take on the management powers of the directors.
Swan continues discussions with potential investors regarding the sale of Saab Automobile AB and Saab Great Britain Limited.
A Saab GB customer hotline has been set up on 0845 300 9593 or visit www.saab.co.uk for more details.
We will have to wait a little bit more.