Saab Placed Under Voluntary Administration

If you always wanted to sign up for car finance on a Saab, the sad news is that you will soon only be able to buy a used one.  Saab Great Britain, the UK national sales company for the Swedish car manufacturer, has been placed under voluntary administration.  The administrators will be Grant Thornton.
According to a company spokesperson they opted for voluntary administration after months of tight liquidity and suspended production at the parent company, Saab Automobile AB.

In response the RMI National Franchised Dealers Association said that it was in constant contact with the Saab Dealer Council and that individual dealers would be updated with the latest news as it becomes available.

A director at the NFDA, Sue Robinson, said “We urge our members with Saab dealerships to get in contact to talk through what steps they now need to take.  We have access to expert legal advice and are here to help.”

Daniel Taylor and David Dunckley of Grant Thornton UK LLP have been appointed as joint administrators of the stricken company with immediate effect.

Taylor said that the administration was a consequence of production stoppages at the holding company as well as problems with securing finance to continue business operations.

He added that the only way to ensure a future for the car manufacturer was to financially restructure the Saab Group.  The directors of the company are apparently negotiating with a Chinese car manufacturer and an announcement regarding this will be made as soon as possible.

The company’s main creditors are the Saab Pension Fund and GMAC UK.

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