Search

Car dealer Howes of Fakenham in administration

17:54 22 November 2010

Car dealership Howes and Sons has called in administrators after being hit by a re-assessment of its pension fund.

The Peugeot dealer, which trades as Howes of Fakenham, suffered a “substantial” liability after being asked to make up an alleged deficit in its part of a motor industry pension fund, which provides pension cover for the car retail sector.

The company, which has a turnover of about £3m, disputes the liability.

Joint administrators Julian Pitts and David Wilson of Begbies Traynor said the company had also been hit by the deaths of two members of staff and the planned retirement of its managing director.

The administrators said there would be “no immediate redundancies” in the firm’s 13-strong workforce, and they would continue to trade the company as normal while a new owner is sought.

Julian Pitts said: “This is a long-established business with a good reputation and some valuable assets including a large leasehold site in a prominent location in Fakenham, comprising a well-maintained showroom, offices and workshop facilities.

“The directors and shareholders of the company very much regret that they have had to come to the decision to place the company in administra-tion. Following the sad deaths of two long-serving employees and the imminent retirement of its managing director, there is no natural successor to what has hitherto been a family- run company.

“The company is also facing a substantial, albeit disputed, liability to make up an alleged deficit in its part of the Motor Industry Pension Fund following re-assessments of the pension fund’s requirements.

“These circumstances have led to the need for an orderly disposal of the company’s business and assets.

“With its strong brand and prime location within the town, we are confident that we will be able to sell the business as a going concern.”

Howes has been trading as a car dealership for 50 years and traces its roots to 1784, when the company was founded as a coach builder.

HOT JOBS

Show Job Lists

Insight

J&S Jewellery was launched three years ago by sisters Jenny and Sophie Laslett and is now turning over £1M a year. Photo : Steve Adams

When launching a jewellery business in late 2012, sisters Jenny and Sophie Laslett used some borrowed money and a spare room. After ordering a small batch from a manufacturer in the Far East, their only customers the first Christmas were friends and family.

Justice Secretary Liz Truss arrives in Downing Street, London, for the first Cabinet meeting of the new government. PRESS ASSOCIATION Photo. Picture date: Tuesday July 19, 2016. See PA story POLITICS Cabinet. Picture: Dominic Lipinski/PA Wire

It is always challenging to take on a job in an industry in which you have no experience, looking to learn on the job while leading.

Green 100

cover

Enjoy the Green 100
digital edition

Read

Mustard TV

Meet the Team

Mark Shields

Business Editor

|

Chris Hill

Agricultural and Farming Editor

|

Shaun Lowthorpe

Business Publishing Editor

|

Sabah Meddings

Business Writer

|

Duncan Abel

Business Development Manager

Business Most Read

Awards

Norfolk Future 50 EDP Business Awards Green 100

Business Most Commented

Newsletter Sign Up