Electric van maker Modec: administration
But van market sales are up by over 20%
ELECTRIC van maker Modec announced that it had gone into administration today (04 March 2011).
According to a report in RoadTransport.com, an acquisition attempt by its current stakeholder Navistar had fallen through and administrators Zolfo Cooper had been called in.
Modec, with its distinctive styling, produced a range of chassis cab, dropsides and box vans. Customers included Tesco Pictured), UPS and FedEx. Zolfo Cooper has been appointed as administrators.
But while the fortunes of Modec were taking a dive, the SMMT reports that monthly van sales are flying.
Van sales rose 23.8% in February to 11,113 while on a rolling year basis the gain is up 22.7%.
“The commercial vehicle sector is leading the recovery with February van registrations up 24% and trucks up 50%,” said Paul Everitt, SMMT chief executive.
“We are now seeing a sustainable improvement in new vehicle demand and the Budget later this month will be critical in strengthening consumer and business confidence. SMMT is looking for a freeze on fuel duty and measures that support business investment and access to finance and credit.”
