SAAB GREAT BRITAIN LIMITED PLACED IN ADMINISTRATION
Following months of intensive negotiations and a long period of suspended production and tight liquidity situation at Saab Automobile AB, a voluntary decision has been taken to place Saab Great Britain Ltd ("Saab GB") into administration.
With immediate effect, David Dunckley and Daniel Taylor of Grant Thornton UK LLP have been appointed joint administrators of Saab GB.
Saab GB, a 100% subsidiary of Swedish Automobile N.V. ("Swan"), has exclusive rights to distribute Saab cars and parts in the UK. It employs 55 people in Milton Keynes and distributes the cars and parts to a 58 strong dealer network across the UK of which 20 are "Saab only" sites. Saab City, a wholly owned subsidiary of Saab GB employing 65 people, operates two Saab motor dealerships, one in Wapping and a smaller site in Fulham.
The board of Saab GB is of the opinion that administration gives the company and creditors the necessary legal protection until it has secured the required funding for the company. The appointment of the administrator is effected by the directors of Saab GB.
Once appointed, the administrator will take on the management powers of the directors.
Swan continues discussions with potential investors regarding the sale of Saab Automobile AB and Saab Great Britain Limited.