Some of the assets of 1car1 have been sold,
PricewaterhouseCoopers (PwC) has announced.
PwC was appointed administrator of the Leeds-based car and van
hire business last month, after 1car1 became unable to access
enough credit to fund its ongoing business.
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Steve Ellis, joint administrator at PwC, said that the sale was
identified as the best option to maximise value recovery to
creditors from their investment in the business.
He added that the lack of profitability and the rapid
deterioration in funding available did not allow a restructuring of
the company.
At the date of administration, 1car1 had a fleet of 15,500 cars
and vans.
