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Buyer sought for troubled car-hire firm.

The UK arm of troubled car hire giant Budget Rent-A-Car has been placed into administration, it was announced today.

Corporate recovery and accountancy firm Kroll Buchler Phillips has been appointed administrator of the division, which employs 140 staff in seven wholly-owned sites in and around London.

In addition to the seven sites there are 103 Budget franchises in the UK, although these are not in administration.

Simon Freakley, partner at KBP, was hopeful of finding a buyer.

'Our intention is to continue trading whilst a buyer is sought for the business,' he said.

'The business operates from prime locations and will be attractive to potential purchasers, including owners of Budget Rent-A-Car franchises,' he said.

KBP has been reviewing the UK operations since Florida-based Budget filed for bankruptcy in the US at the end of July. It blamed performances on September 11 and the American recession.

The UK sites in administration are based in Gatwick, Heathrow and Stansted airports, with another four in central London.
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Aug 16, 2002
Words:164
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