London car dealership goes bust

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Despite the taxpayer-funded incentive to encourage car owners to trade in their old bangers, the receivers have moved in at Crown Motors Dagenham with the loss of 70 jobs.

Trading at both of Crown's two large Vauxhall dealerships has ceased while administrators Smith & Williamson attempt to find buyers.

Administrator Greg Palfrey said: "The directors have done their best in a difficult trading environment but ultimately the commercial pressures have been too great."

Earlier this month, Crown sold its Ilford dealership specialising in Vauxhall and Chevrolet cars.

Car dealerships have been struggling badly in the financial crisis due to the lack of consumer confidence and the reluctance of banks to offer credit to potential buyers.

Palfrey said: "We are in intense negotiations and confident of finding a buyer for some or all of the business. We have been trying desperately hard to put the staff in touch with other dealerships and provide other support for those who have lost their jobs."