Leisure car hire firm Hire for Lower has gone bust, its liquidators PricewaterhouseCoopers have confirmed.
The company, which had 40 staff, was started five years ago by Holiday Autos co- founder Nick Stolberg.
Hire for Lower operated from leased premises in Soho, London and had an annual turnover of £17 million.
According to a statement on the PWC site the company blamed its demise on “increased competition”.
Its failure is in marked contrast to the success of Holiday Autos, which was founded in 1987 and sold to online retailer Lastminute.com for £39.7million in March. Clive Jacobs – who with Mr Stolberg founded Holiday Autos – is now deputy chairman at Lastminute, which is itself currently the subject of takeover speculation.
See our previous story
28 Mar 2003: Lastminute’s DIY packages boosted by Holiday Autos deal
