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$80m debt forces Rick Damelian into receivership

The Damelian Group and its nine vehicle franchises in Sydney have been placed into receivership, with $80 million owing to the National Australia Bank.

Ferrier Hodgson Receivers and Managers Steven Sherman and Jim Sarantinos have been appointed to pursue the provisions of a registered debenture charge created by the companies.

The Rick Damelian Group is located on Parramatta Road in Sydney’s inner west and comprises of nine franchised motor vehicle dealerships, including Honda, Suzuki, Renault, Citroen, Fiat, Alfa as well as used and prestige cars. Its Skoda dealership is not subject to the receivership.

According to a statement, the Receivers and Managers are currently assessing the future course of action in respect to the Rick Damelian Group, “and will provide a further update in due course.”

Customers who have booked in services for vehicles purchased at the dealerships are being asked not to bring their cars into the dealerships.

Those customers who have recently purchased cars and paid in full will receive the vehicle.

Further information for customers and suppliers, as well as answers to frequently asked questions, can be found at the Ferrier Hodgson website.

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Lorna Brett

Lorna Brett

Lorna was Dynamic Business’ Social Web Editor in 2011/12. She’s a social media obsessed journalist, who has a passion for small business. Outside the 9 to 5, you’re likely to find her trawling the web for online bargains, perfecting her amateur photography skills or enjoying one too many cappucinos. You can follow her on <a href="https://twitter.com/#!/dynamicbusiness">Twitter @DynamicBusiness</a>

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