In a blow to the Classic Car market, Coys auction house goes into administration.
On the 17 April 2020, Coys of Kensington Automobiles called in administrators in a director led movement. Alastair Heath of City Press, who are acting as spokesmen for the FRP Advisory Trading. “We are starting an investigation into the company’s position and will issue a report within eight weeks of the appointment.”
It is not known at this time whether any clients are going to be affected by this.
Coys have been in trouble before, back in 2004 they went under owing £1.65m. Some 33 owners of cars sold through the auctioneers hadn’t been paid from sales the previous year.
There has been a serieoues issue for Coys where a legal proceeding bought by
Andreas Pohl. An insurance company billionaire, claimed a full
refund and damages for the misrepresentation of the condition of a
£390,000 Porsche 911 RS 2.7 purchased in October 2018. Coys settled in full a charge against its assets and properties owed to the HSBC bank.
The website; https://www.coys.co.uk/ remains active and is still advertising the upcoming June sale at Blenheim Palace.
Any creditors of Coys should contact FRP Advisory Trading on 020 3005 4000 or [email protected].
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