Auto Windscreens to cut more than 1,000 staff jobs
More than 1,000 Auto Windscreens workers in Derbyshire and the West Midlands are to lose their jobs.
The Chesterfield-based windscreen repair firm went into administration on 14 February, suspending all operations.
Administrators from Deloitte announced the news at meetings in Birmingham and Chesterfield on Friday.
The accountancy firm had hoped to find a buyer for the UK's second biggest windscreen repair firm but said it had not been possible.
The company said a number of factors had come together to cause Auto Windscreens to call in the administrators.'Urgent funding'
One of its major customers terminated its contract and a major creditor served it with a winding-up petition.
This was on top of cash-flow problems caused by lower-than-expected sales revenues at the end of last year and delays in putting in place a new IT system, which was part of a major restructuring.
Auto Windscreens had already been in talks about raising additional funds, but an agreement could not be reached in time.
Chris Farrington, of Deloitte, said: "Our focus at the outset was to seek funding for a trading period and to run an intensive marketing period in an attempt to save the business as a going concern.
"We approached the major customers to seek urgent funding but unfortunately none of these customers were able to assist in the circumstances.
"In the absence of any funding and no going concern offer, we have had no alternative but to close the business, leading to 1,042 staff being made redundant."