Press Release: Saab GB Files For Administration

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.

70 thoughts on “Press Release: Saab GB Files For Administration”

  1. SAAB GB was set as collateral for some of the money PD (YM? ) put in SAAB.
    SAAB GB enters reconstruction now and should have an administrator appointed by the management and who will take over the management powers.
    Hmmm

      • they are basically the same: Protection from creditors – but I believe the english version is one foot further in the grave than the Swedish version.

      • I’m wondering which are the creditors of SAAB GB and what are the amounts due?
        Also it looks like salaries are the problem there too.
        Let’s not be overly pessimistic here :if SAAB goes down , SAAB GB goes down as well.
        I don’t know how it works in UK , but are there any government guarantees for salaries during administration?

        • aop

          In the UK, administration is a legal move only, that basically says the business is viable, but cannot continue due to other things [ie; debts, etc].
          Regarding salaries, NO, there is not any state aid [to my knowledge], excluding unemployment benefits if they lay off staff.

          The only Goverment [legal] offering is, Pension rights & minimum Redundancy payments to staff.

  2. Blimey! Nothing to worry about, says till72, and yesterday Jeff was hinting at press releases in an optimistic tone. Going into administration here is usually the last desperate act of a Company, hoping against hope that someone will buy some or all of the Company. If that does happen, they pay peanuts – if it doesn`t, the Company sinks without trace. Nothing to worry about, my eye! But I hope you`re right, till.

    • Well Jeff was partly right – they were indeed writing a press release……. But as this proves I will continue to be very sceptical of ‘inside information’ delivered (without anything to back it up) in the comments section.

      • Just like you should not trust information given from the “outside”..Di.se is running the 3. party story too.
        So just sick to trusting yourself and your own feelings and being sceptical about the rest of the world.
        Noone will ever have anything fully trustable and with backup until there is either a deal on a total breakdown

        In the meantime you would be nice if you didn’t repeat the “I told you So” and “My hosts are liars” too often.
        It gets boring

        • I am skeptical about most of the rubbish DI write too. Also I have never called anyone a liar so do not misquote me.

          I am frustrated about this situation too and am dearly hoping for a quick solution.

          • Did you read the press release that American Airlines just made today while filing for Chapter 11?
            They expect to continue normal operation while trying achieve a cost and debt structure that is industry competitive and thereby assure its long-term viability.
            Do you trust that press release or are you sceptical about that too?
            Just asking.

            • I just look forward to your next messages, Jeff.
              You must sit on a big secret which cannot yet be made known to the public but the tone in your recent messages makes my heart beats heavier then ever.
              Let that news come !!!!!!

            • Your recent predictions (in comments) that the good news was ‘sooo close’ and that ‘the press releases are being written as we speak’ made me skeptical as I judged they did not come directly from Saab.

              Don’t take my skepticism as negativity as I believe it is possible to desire a positive outcome while also being skeptical of unconfirmed reports along the way.. Trust me when I say if a deal is done later this week I will be ecstatic. My view is that it is still possible to save Saab but it is clear that time is running out and things are coming to a head.

  3. Probably just another step “on the calendar” that needed to be address as part of procedure? As blind as it may seem I trust that our crew at SU are being as honest and truthful as possible, so let’s cut them a break.

  4. A different administrator, a different set of bankruptcy regulations ( from Sweden), will only make things that much harder to sort out.

    Saab GB was one of the ‘crown jewels’ , was it not?

  5. Assuming we ever make it out of here alive, my own view is that if Saab GB were rebooted it would be no bad thing. My impression as a buyer from Saab GB franchises in my area, and of looking from a consumer’s perspective at the central UK marketing and advertising operation, is that for too long this operation has been fuelled by an uneconomical blend of arrogance and complacency. The worrying thing is that this may hint at deeper structural failings within Saab itself. When all this is over, a ground clearing exercise involving a bit of humble-pie consumption and intelligent thought about core values and how to take things forward instead of clutching at turbocharged straws from the past would be good.

  6. Well, yesterday we were promised a press release, and today we got one. Not the one expected and wanted, but a press release nonetheless, albeit one rather at variance with the optimistic note of the (lucky?) prediction!

    • Actually it was on November 27 in Jeff’s Article “The Darkest Hour is Just Before Dawn” when he made this post in response to my post about wishing we had a CJ to help us be optimistic:

      “I literally just received word of a huge development, that normally I’d want to post as a headline, break news before any of the Swedish press etc. But instead, I’ll just play it conservatively and bury it here in comments. The only people that deserve to know that something huge is about to happen are SU regulars anyway.”

    • Jeff,
      according to di.se , the third party in the deal is possibly another Chinese owner.
      I hope this is their own speculation though.
      Victor Muller says there’s always a plan B, should the Chinese deal fail.

      • Negotiations are underway today on the deal. Until
        something is signed I don’t have much to report. If they can’t get this last deal signed there will be one more bankruptcy that we don’t want to see. It’s up to one party in particular to agree to the new terms. As of a few hours ago everyone was cautiously optimistic.

  7. The administration filing from SAAB GB is not necessarily a nail in any coffin at all. It could just as easily be a clever method of acquiring legal protection from certain vultures 😉

  8. My heart goes out to Saab GB staff today – as it does for the UK dealer network- a very sad day for many. I worked for Saab GB for over four years and they are a great bunch of people – who certainly dont deserve this…..come on Saab get this sorted quickly for everybodys sake please ! I wont take any notice of impending deals or suggestions until the ink is on the paper of any prospective deal – been here before and too many false hopes ! Saab is a good brand with very loyal people in the UK- they need to be rewarded not punsihed for fiscal management failings

  9. Somehwat off topic but…

    “Portsmouth
    Pompey owner Antonov steps down “- 18 minutes ago”

    Portsmouth chairman Vladimir Antonov resigns after the club’s parent company Convers Sports Initiatives (CSI) went into administration.”

    • Just a few days ago, Convers, (ie Antonov ) were claiming that Portsmouth Football Club had nothing to do with Bankas Snoras, it was all ‘privately funded from the shareholders own wealth’ and everything was ‘business as usual’.

      His empire is unraveling fast.

  10. Off topic, a bit.

    Sadly, this will become more & more common over the next few months+ or so.

    With the World’s finances in the state they are, business that rely on Bank funds are simply not going to get them.

    Saab’s problems also stem from this, a bit….ie: if money was easier, then raising it, too, is easier.

  11. Back on topic…..what happens to all those 3 year warranties and 2 years free servicing…after 33 years of buying saab’s and after owning 22, i’m gutted. Just bought a car ( sept) from Saab city with 2 years free servicing, worthless now !!

    • You’re at the bottom of the stack, as for as creditors are concerned…. Worse thing is, you can’t even file a claim till you cannot get a part of what’s was promised.

    • Is it worthless because Saab City closed up?

      I’m still getting all my free service on the correct intervals from my Saab dealer …

      • Saab GB only applied administration yesterday…

        Whilst in Admin’, all services will continue and all deals will be honoured… If Saab GB closes [ie; Bankruptcy] then all the add on’s [3 year warranties/2 years free servicing etc] will be lost

        It will only be IF the parent Co* Saab automobiles AB* [Sweden], goes to the wall, then your standard service privilages will also stop.

        A few 3 year deals left over from GM ownership, should continue.

    • I’m pretty sure all should be well with your 2 years free servicing, it is independently administered and should be ok for any Saab Dealer or Approved Repair to claim for. Again Saab provide a European 2 year unlimited milege warranty and I believe the additional 3rd year is topped up by Saab GB. Worse case you will only forfit the 3rd year. If I get any further info I will let you know.

      • thanks Graham……i have had nothing but exceptional service from Saab city and could’nt fault them, good luck for the future and lets hope everything turns out trumps

    • Might be the administrator doing a stock check @ Saab GB,,,,just a thought!!

      Lets hope it’s temporary, otherwise Saab cars in the UK will plummet in Price

  12. I am a not so happy driver of a 9-3 TTid on a 3 year lease. I hope against hope this all works out, but I have to be realistic, no serviceable car means I can’t work. I have to seriously look at an alternative.

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