SAAB Great Britain, the UK arm of Swedish car manufacturer Saab Automobile, filed for administration yesterday.
The company said that it had previously received a conditional funding commitment from China Youngman Automobile Group for the payment of the wages of Saab Automobile employees and for ongoing operations at Saab GB.
But the firm has not yet received any money.
“The board of Saab Great Britain is of the opinion that administration gives the company and creditors the necessary legal protection until the required funding for the company has been secured,” the firm said.
Saab GB has exclusive rights to distribute Saab cars and parts in the UK. It employs 55 people in Milton Keynes and distributes the cars and parts to a 58 strong dealer network across the UK of which 20 are “Saab-only” sites.
Saab City, a wholly owned subsidiary of Saab GB employing 65 people, operates two Saab motor dealerships, one in Wapping and a smaller site in Fulham.
A statement said: “The board of Saab GB is of the opinion that administration gives the company and creditors the necessary legal protection until it has secured the required funding for the company. “
The company said it was searching for a buyer.