Shrewsbury-based Masco, UK importer and distributor of the Taiwanese Kymco scooter and small motorcycle brand, abruptly shut down on 4 July. The company has appointed insolvency practitioner Moorfields to act on its behalf in what managing director Ian Kidson describes as a “liquidation process”.
Responding to an enquiry from BDN, Damian Joseph at Moorfields said: “Masco has ceased trading but isn’t in either administration or liquidation yet. Under new rules, there is no requirement for a creditors’ meeting unless some of them object. Instead, a formal decision-making procedure is set to take place on Friday 14 July. The position will then be made clear and a liquidation could commence after that.”
Masco began representing Kymco in 1998. The business was acquired by Ian Kidson in 2003. Both Masco as distributor and the Kymco range have always enjoyed a good reputation in the trade. About 1000 Kymco machines were UK-registered last year, approximately 20% down on 2015. However, a number of Kymco dealers have reported recent stock supply difficulties.
For further information, contact Damian Joseph at Moorfields on 0207 1861159.