Defleeting firm goes under
Radium Automotive, which previously traded as JohnsonVellen and Jet Total Vehicle Solutions, went into administration on August 28. Andy McGill and Mark Orton from KPMG have been appointed as administrators.
The business, which worked with fleet management companies to refurbish ex-lease vehicles before selling them back to the trade, employed 167 people from its extensive site in Long Marston, near Stratford-upon-Avon in Warwickshire. Due to significant cashflow problems within the business, the administrators had to make the majority of the employees redundant upon appointment.
Joint administrator Andy McGill said: “The business invested heavily in recent years, acquiring its new 35-acre leasehold site in Long Marston.
“However, the failure of a key customer earlier this year, plus on-going economic pressures in the sector have resulted in a material decline in turnover levels and on-going order book.
“As a result, the business became unviable and regrettably we have had no alternative but to close it down with immediate effect and implement an orderly wind down strategy.”
A number of employees have been retained to assist the administrators.