Published 3rd Apr 2023, 16:45 GMT

17 staff have been laid off, as the firms ceased trading immediately on the appointment of the administrators. Two staff have been retained to assist the administrators.

Mark Ranson and Emma Mifsud from the Leeds office of Opus Restructuring LLP were appointed as administrators to both Companies on March 16 by the group’s funding provider.

Administrator Mark Ranson said: “Our initial focus is on identifying the financial picture at the two Companies, so that we can find buyers for the assets and return any third party items to their beneficial owners.”

Spirit of 48, and its parent company ARM Automotive Yorkshire Limited, have entered administration following a period of esculating financial pressure.

The group, which is also a retailer of quad bikes and other similar leisure equipment, was originally named LR Motors (Yorkshire) Limited, and changed its name in January of this year.

The administrators say they are establishing the financial position of the two Companies and are working with agents, Sanderson Weatherall to maximise asset realisations.

Opus Restructuring note that assets and debts are still being ascertained and investigated, and that the outcome for creditors remains uncertain.

Thirsk Land Rover specialist falls into administration with loss of 17 jobs