On Air Now
Heart's Feel Good Weekend with Lilah Parsons 10pm - 1am
More than 250 jobs at a Staffordshire-based car-leasing firm have been lost after it went into administration.
The 259 employees at Drive Assist, based in Tamworth, were made redundant with immediate effect, said administrators Zolfo Cooper.
The firm, which employs 640 people at 14 offices, deals with the short-term leasing of replacement vehicles on a credit hire basis to individuals following non-fault road traffic accidents.
Its other business activities include the retail sale of its ex-fleet vehicles at Nottingham AutoPark, part of the Millennium Motor Group Limited division.
The administrators were appointed as a result of the companies experiencing ``considerable working capital management issues'' and subsequent cash flow problems.
Alastair Beveridge, partner at Zolfo Cooper and joint administrator said: ``Unfortunately, in recent months the companies have experienced the loss of a major customer which has resulted in increasing cash flow pressures and administration was the only option available.
``Regrettably, 259 employees have been made redundant with immediate effect. We will be working alongside all stakeholders to determine the most appropriate next steps for the benefit of all creditors.''