Lender Secure Funding appointed insolvency firm McGrath Nicol last week, with receivers and managers Shaun Fraser and Mike Hill taking up responsibilities immediately.
“They are evaluating the business and their aim is to sell it as a going concern,” says a spokesperson for the firm. “They’re aiming to get a sale process beginning shortly and at the moment is it is business as usual - sales and service are taking place under normal conditions.
“The property is leasehold and the receivers at this point are saying they are confident of being able to sell the business as a going concern.”
The Dale Ford dealership on the Hume Highway, Bankstown, has a long history in Sydney – and was once owned and run by racing legend Sir Jack Brabham. It grew into a flagship among a network of dealerships throughout western Sydney. The current name was given by Ian Dale, who bought the business in the mid-1980s.
Owners Rex Conway and John Stark had worked for Dale Ford during the 1970s and 1980s before taking over the dealership. Ford spokesperson Sinead Phipps said the manufacturer was considering the role and need of a Ford franchise remaining in the area. “We’re working through that at the moment – we need to see what the receivers come back with in the short term,” she said.
“It’s a significantly sized dealership, so we would imagine they have a large service client base. For those customers who need their vehicles serviced there are other alternatives in the general area – but they would have to drive some distance. That’s just one of the things we’re looking this week.”