Nationwide Accident Repair Services (NARS) and a number of its subsidiaries have entered administration, resulting in 540 job losses.
The business, headquartered in Witney, Oxfordshire operates a UK-wide network of garages, servicing the accident repair market for a number of large UK general insurance firms.
PwC has been appointed as administrator, and confirmed 540 roles have been made redundant as 30 sites were closed.
However, almost 2,350 roles across 80 sites including repair garages and back office functions, were safeguarded after PwC sold the majority of the group’s business and assets to ‘RunMyCar Ltd’, a subsidiary of Redde Northgate plc.
Rob Lewis, joint administrator at PwC, said: “As with many other businesses, the group had to weather major financial fallout due to the economic impact of Covid-19, which meant that trading volumes were significantly reduced.
“Against that backdrop, the sale announced today reflects a significant positive outcome for the business, and we are especially pleased to have safeguarded 2,350 roles including apprentices, mechanics and technicians.
“Sadly we have had to make 540 staff redundant. We are making every effort to support those workers. This includes providing guidance for employees regarding JobCentre Plus and Redundancy Payments Service processes.”