Car Leasing News

Euro Car Parts (ECP) took over rival LSUK, having 53 branches all over the UK, last Wednesday. Just after a week, 600 workers of this car parts supplier are worried over their future as the firm has been put into administration yesterday.

ECP claimed that circumstances forced the company to handover its entire business to the administrator after failing to secure investment from any quarter.

The firm tried to explain the action saying it realised very quickly that it would not be in a position to continue with investment without getting financial support.

After working non-stop and making considerable amount of investment on LSUK, directors of ECP concluded that there was no option other than placing LSUK into administration without delay.

ECP informed that lead administrator Tenon Recovery was in touch with many interested parties for sale of LSUK.

LSUK has been operating subsidiaries Protech Automotive (UK), Yeovil Rewind and M I Diesel Products apart from branch network which provided motoring services and supplied car parts.

The LSUK staff which turned up for work was informed through a notice on the door that the company had stopped trading.

ECP which is one of the biggest car suppliers in the UK regretted closure stating that continuing any longer with LSUK was proving to be a futile operation. The group informed that administrator was going to liaise with the LSUK staff and everything would be done for helping and advising staff.

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