Unfortunately the news tonight is that Carcraft has gone into administration.

I didn’t agree with all their policies and the prices were inflated but when you hear that 500 people will lose their job then it is a sad time.

Carcraft is a second hand car dealership based in Rochdale, Greater Manchester with 10 showrooms around the country.

They were the UK’s 7th largest second hand car chain selling over 12,000 used vehicles a year.

A spokesman warned customers with Carcraft policies, including break-down cover, would no longer be covered.

Administrators Grant Thornton said the group had suffered from “poor market reputation, lack of investment, a high cost base, expensive loan note financing and an insolvent balance sheet”

Carcraft has apparently made £8m a year loss and all employees have been informed that they have now been made redundant. My thoughts are with them at this time as I have been made redundant myself in the past and it is a scary time.

I will update this post if and when I hear anymore…