Customers banking on getting their money back after Saxon Bridge car superstore closed without warning could be in for a bitter disappointment, the MK Citizen can reveal.
For the company's assets are said to be minimal because they only owned a handful of the hundreds of cars seized from their showrooms.
People who had paid deposits or taken out service plans with Saxon Bridge are being encouraged to contact the appointed insolvency practitioner, Rebecca Dacre at Mazars in CMK - FULL DETAILS HERE.
But lodging their claim is no guarantee that they will receive a refund, said a source last night.
He said: “Many people are assuming Saxon Bridge owned the hundreds of cars they were displaying for sale before they closed. They think that these cars will be sold off by the official receiver and the cash raised will pay off the creditors.
“Unfortunately the cars were not owned by Saxon Bridge. They belong to stocking funders, the trade name for people who supply cars for big showrooms like this to sell.”
Saxon Bridge would sell the cars, then pay back the stocking funder after the sale, keeping a percentage as 'commission', he said.
“It's normal in the trade. But it means Saxon Bridge had very few assets. They owned about five cars which are all of quite low value.”
The company also leased the large premises in Bletchley's Mount Farm.
It is understood the directors are trying to find another company to take on the service plan customers, who paid them a set amount per month all year round so their car could be serviced free without paying a lump sum each time.
A decision meeting is to be held on October 17 when Saxon Bridge will go into official liquidation. It is understood a single creditor has prompted this move.
The company's directors blame their demise on Brexit and the economic climate, and say funders suddenly “withdrew their funding facilities”, taking them by surprise.
Anybody with a claim against the company should contact Rebecca Dacre on a special email she has set up to deal with the expected deluge - firstname.lastname@example.org