Broadway Tyres Enters Administration
High Wycombe-based wholesaler Broadway Tyres entered administration yesterday (4 November) after being officially declared insolvent the day before. The company is understood to have faced cashflow problems related to significant debts. Bearing in mind the fact that Broadway is a member of the 13-company Grouptyre operation, what affect is the move is likely to be on Grouptyre in general and Broadway’s customers in particular? A source close to Grouptyre told Tyres & Accessories that customers won’t notice any disruption in either service or supply as the collective is working closely with both Broadway and the administrators to ensure it is “business as usual” for customers. The source also suggested that Grouptyre will be continue to honour its supply agreements post-administration whatever the outcome of this period is.
Established in 1991, Broadway started life as a 13-man business with just £50,000 worth of stock. By 2007 the company had grown to a £25 million annual turnover company with a 13 per cent share of the South East Tyre market, according to founder and chairman Jonathan West. At this point the business was selling 600,000 tyres per year, and employing 100 staff at its three depots in Watford and High Wycombe. T&A understands that prior to administration the company was reporting turnover of £26 million a year.