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Bell Pottinger North - Client News
Friday, May 05, 2006

Richard Cort Limited in administration

Rossendale-based car dealership, Richard T Cort (Holdings) Limited and Richard Cort Limited, have gone into administration.

Andrew Dick and David Acland of corporate recovery specialists Begbies Traynor, Preston, have been appointed joint administrators on behalf of the company.

Established in 1985, the dealership operates across two sites in Rossendale and Bury and employs 44 staff. 

The business has suffered as a result of cash-flow pressures and slow payment by manufacturers resulting in losses it could no longer sustain, coupled with the collapse of MG Rover 12 months ago resulting in the company’s failure. 

Andrew Dick comments: “It’s always a great shame when a business fails, especially when supported by the director.  After lengthy discussions, it was agreed that the company was not financially viable and the solution was to place it in administration.”

For further information, please contact:
Joanne Fletcher-Wall
Bell Pottinger North

01625 506425

Information on Begbies Traynor can be accessed via the Group’s website at

www.begbies-traynor.com <http://www.begbies-traynor.com>

Notes to editors

About Begbies Traynor Group plc
The Group specialises in business insolvency management and is becoming increasingly active in the area of personal insolvency. It also offers services in corporate rescue and investigation services and has entered the field of corporate finance.

In November 2005, the Group entered the rapidly-expanding volume personal insolvency market via the acquisition of W3 Debt Solutions, a firm specialising in providing advice and practical support to individuals in debt. 

The Group has grown to its current network of 30 nationwide offices ranging from Scotland to the South West of England, with 350 operatives. The Company continues to pursue its strategy of organic development, coupled with the acquisition of specialist knowledge of both individuals and firms, to further increase its market share in its core services.

The Directors believe that the Group is the UK's largest independent insolvency, corporate rescue and recovery specialist with clients ranging from major institutions to individuals with business difficulties.

The Office Network
The Group operates with 60 licensed insolvency appointment takers, some 225 fee earning staff and 65 in support and administration. The Group operates from 30 locations across the UK.

Business Activities
The core business of the Group is the formal administration of insolvencies including receiverships, liquidations, administrations, company voluntary arrangements and business-related personal insolvencies. The Group has extended its activities into a range of consultancy services including corporate rescue, credit management, forensic and investigation services and corporate finance.


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