LSUK - Parts Co goes bust

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Mon 6 Oct 2008 12:59
LSUK - Parts Co goes bust - Falkirk Bairn
LSUK operates subsidiaries M I Diesel Products, Protech Automotive (UK) and Yeovil Rewind
are closed after it was thought to have been saved.

Euro Car parts were thought to be buying it as a going concern but staff had a closed door when they came to work.

LSUK had depots all over the UK, a Sheffield HQ & 680 employees.
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Mon 6 Oct 2008 13:16
LSUK - Parts Co goes bust - Chas{P}
Euro Car Parts bought the firm last Wednesday without the necessary finance in place according to the Independent newpaper report this morning.

Second time ECP have been in trouble. Back in August they were investigated by the UK Border Agency for 8 alleged illegal workers on site at Wembley which employs 350 people across 40 nationalities.

IMO this will be just the start of another parts aftermarket shakedown.
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Mon 6 Oct 2008 13:56
LSUK - Parts Co goes bust - Screwloose

LSUK [Lucas Service] were gutted by a Private Equity buy-out 8 years ago - they even took the pension fund. They were also the sole supply base for the dispersed remnants of the AA - even down to suppling their torch batteries and uniforms.

As the AA was similarly gutted by Buffini and the Prince of Darkness [now Boris's right-hand-man] and saddled with £10B of debt, it can't be long before they fold too.
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Mon 6 Oct 2008 15:31
LSUK - Parts Co goes bust - corblimeyguvnar
Ah, Private Equity companies, dont you just love 'em! NOT

CBG
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Tue 7 Oct 2008 00:02
LSUK - Parts Co goes bust - Screwloose

Just what sort of scam is Euro Car Parts pulling here?

news.bbc.co.uk/1/hi/england/west_yorkshire/7654190...m
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Tue 7 Oct 2008 08:14
LSUK - Parts Co goes bust - grumpyscot
{8< Snip. Comments removed - Grumpyscot please email me if you ever look back your post and want to know why - DD}

Edited by Dynamic Dave on 07/04/2009 at 21:29

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Tue 7 Oct 2008 20:55
LSUK - Parts Co goes bust - Pugugly
motortorque.askaprice.com/dealer-news/auto-0810/fu...p


Full press release here.
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Wed 8 Oct 2008 00:30
LSUK - Parts Co goes bust - Pugugly
Just caught up with the local TV news, they were interviewing a group of lads that worked at the Lucas (as we still call it) outlet in the town I work in - I know a couple of them by sight. This business failure virus is coming closer to home. Shocking effect on people. Talk in a garage in town today of a major UK car park operator gone down the tubes as well.
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Wed 8 Oct 2008 00:56
LSUK - Parts Co goes bust - Screwloose

Not to mention the knock-on effect. That's my major supply partner gone - not to mention many good friends of 30+ yrs standing. In the good branches; Lucas staff were very loyal - fat lot of good that it's done them with people who don't know the meaning of the word....

There's simply nobody else that can, or will, deliver what I need.
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Wed 8 Oct 2008 01:10
LSUK - Parts Co goes bust - ForumNeedsModerating
I would advise anyone thinking of new car purchase from a main dealer type outfit to be very circumspect in manner & timing of payment. I've been lookibg to buy a new m/cycle just recently, but I'm seriously thinking about what sort of solvency the putative dealer has or will have on an ongoing basis - worst sort of situation would be ordering then waiting X weeks, only to find company has developing cash-flow or loan re-financing problems. Be warned Br'ers.
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