UK car rental operator in administration

www.1car1.com

One of the leading car and van rental companies in the UK is now in administration, leaving 800 employees at risk of losing their jobs.

According to the administrators, PricewaterhouseCoopers, around 200 employees have already been made redundant at Leeds-based 1Car1.

The company has 87 sites in England, Wales and Scotland, employing a total of 800 staff, with 108 at the head office in Leeds alone.

Steve Ellis, acting as joint administrator, commented: “It has sadly become reliant on levels of funding which are unsustainable in the current credit climate.”

Administrators have indicated they hope to secure a buyer for the rental business and its fleet of 15,000 vehicles, noting that it is likely for operations to be wound down in the next five weeks.

Ellis added: “1car1 has grown very rapidly over the last five years but since the onset of the downturn the company has experienced a tightening of its available credit. This has meant that the replenishment of the vehicle fleet has been difficult to fulfil.”

The administrator said that they would provide all the support that they could to help the company’s employees through “this difficult time.”

Thanks to news.bbc.co.uk for the above quotes, for more information on this article please visit their website.

www.1car1.com