Williams and Adams businesses sold by liquidators

FOR IMMEDIATE RELEASE
18 May 2009

Williams and Adams businesses sold by liquidators

The Liquidators of car dealers Williams and Adams Limited are pleased to announce that Team Capital Limited has purchased the central Wellington and Porirua Holden businesses.

This follows last month’s sale of the Paraparaumu Holden and Suzuki site to Gary McKelvie of Horowhenua Motor Company Limited.

PricewaterhouseCoopers Liquidator John Fisk says the sale is a good outcome given the recent spate of bad news surrounding the car industry, both here and overseas. “The sale of the two businesses ensures 51 jobs have been preserved in the Wellington region and represents a better outcome for creditors than would have been achieved if the businesses had been closed down,” he says. “It’s a very pleasing result.”

The sales prices are confidential at this stage.

Tony Babbage of Team Capital says he looks forward to continuing to maintain a great brand in Wellington. “We plan to build on the strong track record of Williams and Adams, and will continue to provide Holden owners in Wellington and Porirua with ongoing new and used car sales and exceptional after-sales service,” he says. “The businesses will continue to operate under the Team Capital brand from the same Porirua site and in the Abel Smith Street premises across the road from the previous headquarters of Williams and Adams.”

John Fisk and Colin McCloy of PricewaterhouseCoopers were appointed liquidators of Williams and Adams Limited on 4 February 2009. Liquidators continued to trade the businesses while buyers were sought, with the aim to sell them as a going concern. However, a number of sites were closed due to cost issues and the Suzuki, Volvo and Landrover franchises were moved to other dealers in the Wellington region.

The Liquidators have instructed agents Colliers International to market for sale the site of the iconic Williams and Adams owned headquarters building at 15 to 27 Abel Smith Street.

ENDS

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