NIDD Vale Motors, one of the best-known brands in Yorkshire, has gone into administration.
The Harrogate-based independent motor retailer, which sells Vauxhall, Seat and Mazda vehicles, is an employer of 103 people across its sites in Harrogate and Wetherby.
Richard Jackson, non-executive chairman of Nidd Vale Group, said that work had already been carried out to secure the sale of the business and that he was “furious” about the way Santander Consumer Finance “parachuted in” administrators from Leonard Curtis.
In a statement from the directors of Nidd Vale, they expressed their “serious disappointment” at the way the situation had been handled.
The statement read: “Although they had given notice to the bank of their intentions, under which an administrator could have completed a properly planned sale of the business, the directors report that the bank didn’t even discuss its intentions with them on the telephone.”
A Santander spokeswoman said: “We have been working closely with Nidd Vale Motors to try to resolve financial issues. However, following a failure to reach a financial resolution administrators have been appointed to look at the best options for the future of the company and its staff.” Santander Consumer Finance provided the business with a funding line for the used cars stock.
Mr Jackson, who is also chair of the Prince’s Trust development committee in Yorkshire and the Humber and chairman of Yorkshire Ventures, said: “The status [of the company] on Friday was that there was cash in the bank and if they’d allowed us to proceed with the orderly sale which we had planned, it would have helped the creditors, it would have helped the business, it would have helped the staff, it would have helped everything.”
Leonard Curtis could not be contacted for a comment.