{"id":2015,"date":"2015-05-07T09:33:10","date_gmt":"2015-05-07T09:33:10","guid":{"rendered":"https:\/\/dev.lnetdev.uk\/thevra2026\/?p=2015"},"modified":"2015-05-07T09:33:10","modified_gmt":"2015-05-07T09:33:10","slug":"used-car-dealer-carcraft-announces-closure","status":"publish","type":"post","link":"https:\/\/dev.lnetdev.uk\/thevra2026\/used-car-dealer-carcraft-announces-closure\/","title":{"rendered":"Used car dealer Carcraft announces closure"},"content":{"rendered":"<div data-ads-body-copy=\"true\" data-ads-first=\"2\" data-ads-every=\"3\">\n<h4 style=\"text-align: justify;\">Used car dealer Carcraft has announced it has gone into administration.<\/h4>\n<p style=\"text-align: justify;\">The company has appointed Grant Thornton UK LLP to deal with the administration of CC Automotive Group Limited, UK Car\u00a0Group Limited and Pennine Metals A Limited;\u00a0trading as The Carcraft Group.<\/p>\n<p style=\"text-align: justify;\">Customers with add-on products such as Drive Happy Plans (DHP), warranties, MOT, servicing and roadside assistance will no longer be valid.<\/p>\n<p style=\"text-align: justify;\">Automotive advisory partner at Grant Thornton UK LLP Tarun Mistry told the Manchester Evening News: &#8220;The business model has failed to evolve with the changes in the used vehicle remarketing sector and regulatory environment.<\/p>\n<p style=\"text-align: justify;\">&#8220;Overall, this sector is still vibrant and represents a significant opportunity for the appropriate operating model to benefit from the growing and changing used vehicle market.&#8221;<\/p>\n<p style=\"text-align: justify;\">Grant Thornton UK LLP added: &#8220;The Group operates in a competitive market and has suffered from poor market reputation, lack of investment, a high cost base, expensive loan note financing and an insolvent balance sheet all of which have hindered investment.<\/p>\n<p style=\"text-align: justify;\">&#8220;The Group also has legacy PPI claims.\u00a0The Group is heavily loss making recording losses of c\u00a38m per annum for a number of years.&#8221;<\/p>\n<p style=\"text-align: justify;\">The group&#8217;s finance arm\u00a0All In One Finance Limited\u00a0is awaiting FCA clearance, and is expected to follow in administration.<\/p>\n<p style=\"text-align: justify;\"><span style=\"line-height: 1.428571429;\">Carcraft\u2019s head office is based in Rochdale, with a further 10 sites nationwide. All<\/span>\u00a0550 members of staff have been paid for the month-end of April, and have been made redundant.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Used car dealer Carcraft has announced it has gone into <a class=\"moretag btn btn-primary\" href=\"https:\/\/dev.lnetdev.uk\/thevra2026\/used-car-dealer-carcraft-announces-closure\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":4,"featured_media":2016,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37],"tags":[239,240,241],"class_list":["post-2015","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-administration","tag-carcraft","tag-used-car-dealer"],"acf":[],"_links":{"self":[{"href":"https:\/\/dev.lnetdev.uk\/thevra2026\/wp-json\/wp\/v2\/posts\/2015","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dev.lnetdev.uk\/thevra2026\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.lnetdev.uk\/thevra2026\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.lnetdev.uk\/thevra2026\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.lnetdev.uk\/thevra2026\/wp-json\/wp\/v2\/comments?post=2015"}],"version-history":[{"count":0,"href":"https:\/\/dev.lnetdev.uk\/thevra2026\/wp-json\/wp\/v2\/posts\/2015\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.lnetdev.uk\/thevra2026\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/dev.lnetdev.uk\/thevra2026\/wp-json\/wp\/v2\/media?parent=2015"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.lnetdev.uk\/thevra2026\/wp-json\/wp\/v2\/categories?post=2015"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.lnetdev.uk\/thevra2026\/wp-json\/wp\/v2\/tags?post=2015"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}