Administrators handling Saab GB’s administration filing have raised the possibility of redundancies among the division’s 120 staff as the crisis engulfing the brand shows no sign of being resolved.
David Dunckley and Daniel Taylor of Grant Thornton UK were yesterday (29 November) appointed joint administrators of Saab GB at the invitation of the directors as parent company Swedish Automobile sought funds to pay November salaries and was in talks on restructuring.
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“The administrators are based at head office – we were given staff briefings,” a Saab GB spokeswoman told just-auto. “They are the ones in control of the company. They have only just started so we have to wait and see.”
Saab GB has exclusive rights to distribute Saab cars and parts in the UK and employs 55 people in the UK town of Milton Keynes, north of London. Subsidiary Saab City employs 65 people and operates two London Saab dealerships in Wapping and Fulham.
“The administration is a consequence of the problems of the holding company in securing finance as well as stoppages in production,” said a statement from the administrators. “It is clear the key to ensuring a future for Saab is the financial restructuring of the wider Saab Group whose directors we understand are currently in negotiation with potential Chinese automotive concerns.
“Further announcements will follow as soon as possible. The Saab City sites will continue to trade normally for the time being while we review the operations, prospects, and options. Unfortunately we cannot rule out the possibility of redundancies.”
The main creditors of the two companies are GMAC UK, which provides finance to Saab GB as well as offering financial services through Saab’s dealership network, and the Saab Pension Fund.
