The owner of Eden Motor Group, which shut its doors two weeks ago, said while he was yet to call receivers in, it’s likely the next move now the company is effectively broke.

He said the beginning of the end was when he decided to try to sell part of his company in November last year.

Eden Motor Group comprises a Toyota, Ford and Suzuki dealership, NRMA Insurance and NRMA Roadside Assistance agencies and a tyre business. Mr Zurcas said due to health and personal reasons he looked to offload the three car dealerships while retaining the NRMA businesses for a potential new premises in Eden.

A deal received in writing on December 18 outlined a purchase price of $1.1million, plus agreed value for all assets, spare parts, accessories and office equipment, working out close to $2m.

This “long-standing respected dealer” from Victoria also proposed to take over all employees and full entitlements, with the deal subject to manufacturer approval. While the Eden Magnet has seen copies of this paperwork, the dealer would not comment when contacted this week.

However, Mr Zurcas claimed the deal was “torpedoed” in favour of “negotiations with a preferred buyer”.

The offer that came back from the “preferred buyer” was for $200,000 inclusive of the NRMA businesses, with an additional $300,000 for all assets. 

Mr Zurcas said he was left with no choice but to accept the significantly lower offer “for the good of the staff and everyone else”.

“You couldn’t buy a fish and chip shop for $500,000,” he said.

However, he claimed this deal also failed, with all parties including the landlord, Toyota and the buyer unable to come to agreeable terms. As a result Mr Zurcas said Toyota cancelled his dealer agreement and he had no option other than to lock the doors.

Toyota was reportedly requesting a full facility upgrade at the Imlay St premises by either Mr Zurcas or the relevant purchaser, adding to the financial burden. 

“To do the full upgrade would be in excess of two or three million dollars on land I don’t own,” Mr Zurcas said, as he leased the land on which Eden Motor Group operated.

“Now, even if everyone left me alone to do business, I don’t have anything to left sell.

“I’ve always had good intentions for everything and everybody – what’s happened to me is a disgrace.”

Mr Zurcas said if and when receivers were called in, any affected customers can make applications to consumer affairs to get any money back.

“If the original deal had been allowed to go through, none of this would have happened. I’m devastated,” he said.

“I would also like to thank the many many well wishers who have reached out to me personally with messages of help and support.

“And all the loyalty of many customers and staff past and present for their friendship and support.

“It’s a sorry situation for all of us.”