Administrators BDO Stoy Hayward said that following a review it concluded it was necessary to fold the business immediately. Fifty employees across seven sites have been made redundant. Toby Underwood, business restructuring partner at BDO Stoy Hayward said: “We have conducted an immediate review of Carshock and it is with regret that it has been necessary to close the business. “Our priority now is to maximise the company's remaining assets to generate as much money as possible for the benefit of all creditors.” A helpline has been set up for customers that have made recent purchases or paid a deposit. Last September Carshock was rated tenth in the Motor Trader Top 75 Independent Dealers survey with an estimated turnover of £60m and annual sales of 6,250 cars.