Growing vehicle rental firm in administration
An expanding vehicle rental business is searching for a buyer to come to its rescue after entering administration.
Wendex Vehicle Rental, based on Barnham Street in central London, has seen its annual turnover rise from £2.8 million in 2015 to £4 million in 2017, but has fallen into financial difficulty while awaiting payment from a number of customers.
The business was formed 20 years ago and hires out nearly 500 vehicles, ranging from taxis through to high-end cars such as Lamborghini, Rolls Royce, Bentley and Mercedes.
It also operates a vehicle repair workshop from its central London base, which helps maintain the fleet.
Charles Turner, Simon Lowes and Nicholas Parsk, of insolvency and restructuring firm CVR Global, have been appointed as joint administrators and are continuing to trade the business until a buyer is found.
Charles Turner said: “This is a fundamentally profitable business which has suffered from growing pains and cash flow issues partially due to credit control matters.
“With some inward investment and simple operational changes, this is a business that has a bright future with potential to continue on its journey of growth.
“Such is the business’ size and potential, it would benefit from integrating with a competitor able to provide stability and address operational issues.
“We have already received several enquiries mainly from competitors and will continue to trade the business until a sale is achieved which we expect to happen imminently.”
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