Deloitte appointed Receivers and Managers of Denmac Ford GroupDOWNLOAD
19 May 2011: Receivers and Managers from Deloitte have been appointed to Western Brisbane car dealership businesses Denmac Ford Pty Ltd and Bremer Ford Pty Ltd. Richard Hughes and John Greig were appointed from the Queensland office of Deloitte.
Denmac Ford Pty Ltd has three sites with its head office, sales, service and parts located at 2580 Ipswich Road, Darra. The other two showrooms are in Indooroopilly (34 Coonan Street) and Moorooka (1029 Ipswich Road).
Bremer Ford Pty Ltd offers sales, service and parts from its 36 Brisbane Road, Ebbw Vale location. The group has a turnover of in excess of $100m per annum and currently employs approximately 120 people.
Commenting on the appointment Deloitte partner and Joint Receiver Richard Hughes said: “The Denmac Group is a large and well respected operation. Although it is still very early in the process we are planning to continue to operate the business in co-operation with the director, staff and existing creditors.”
“We believe there will be significant interest in the business and we are working hard to re-establish the business as we investigate the best way to realise value for the benefit of the stakeholders.”
“Whilst we are yet to form a final view on the reasons for the appointment, the recent flooding in Brisbane has hurt sales in the first quarter of this year.”
“The initial tasks of the receivers include re-establishing supply and customer relationships, and working with the staff of the group to trade the business, whilst a sale program is initiated,” said Mr Hughes.
Denmac Ford has been an established Ford dealer in Brisbane for over 30 years, servicing Brisbane’s south western suburbs with sales and service locations at Darra and a used car sales location at Moorooka.
Any enquiries from creditors, trading and operational issues should be referred to the receivers.
|Creditor enquiries:||Ben Chesters
Deloitte Corporate Reorganisation
Tel : +61 7 3308 7000