Ken Thorne Group, the South Wales based car empire, has gone in to voluntary liquidation. Administrators from Deloitte and Touche have been called in, ending speculation about the £50m turnover firm's future.

A meeting of the creditors is due to take place next week, on October 2, at the Park Hotel in Cardiff. But ChryslerJeep, Subaru, Daihatsu and Kia have already begun repossessing their vehicles.

Deloitte says it could be “days rather than hours” before any financial details can be divulged. Ken Thorne Group, which traded from four new car showrooms and two World of Cars superstores, collapsed when it failed to secure financial backing after a downturn in sales lead to a serious cash flow problem.

When Barclays Bank refused to up its lending, the firm tried, but failed, to find new creditors. Around 230 jobs are affected. Owner Ken Thorne had planned to make the World of Cars operation the largest in the south-west and south Wales.

He was looking to open outlets in Bristol and Swindon, but ran into problems over planning issues.

Meanwhile, Cardiff Trading Standards has received calls from drivers worried about how outstanding finance on part exchanges will affect their credit rating.