Some 1car1 assets bought by Enterprise - Car Rental News
Some 1car1 assets bought by Enterprise
Car Rental News - 13/04/2009
Administrators have sold off some of the assets of Leeds-based low-cost car rental firm 1car1.com.
Mark Loftus and Steve Ellis, of PricewaterhouseCoopers, were appointed as joint administrators last month for Local Contract Hire & Leasing and 1car1.com. This past week they announced that some of the assets have been sold to Enterprise Rent-A-Car.
1car1.com, which was the trading brand of Local Contract Hire & Leasing, provided low-cost vehicle rentals at 87 locations throughout the UK, before it went into administration, with a fleet of more than 15,500 vehicles. The car hire company was founded in 1988, and grew rapidly for two decades.
The business was sent into administration after an unfavourable reassessment of its credit worthiness made it impossible to secure the credit needed to fund its operations.
Steve Ellis, one of the administrators from PricewaterhouseCoopers, said: “We anticipated strong interest in the 1car1 brand and we were not disappointed. Ultimately, the sale to Enterprise was identified as the best option to maximise value recovery to creditors from the investment in the 1car1 brand. The branch network and underlying business has not been profitable and the rapid deterioration in funding available did not allow restructuring.”