Unipart seeks deal
Parts and workshop consumables supplier, Unipart Automotive, was at the time of going to press trying to seal a deal that would inject more funding into the company. The business is working with KPMG to secure the money, which would secure the business’s employees and future. Marketing Director from the firm, Andrew Jeffrey, said the deal was hoped to be signed later in the week. It has filed a notice of intention to appoint KPMG to act as administrators, a document that outlines their intent to go into administration if a solution cannot be found for their immediate financial problems. It is intended to give the company breathing space while it finds a solution, preventing any creditor from starting any legal action. It does not mean the company is in administration.
In September 2011, a 50.1% stake in Unipart Automotive was bought by Dutch investors H2 Equity Partners. This created a separate business from the Unipart Group which still owns a substantial share.