Almost 140 staff at Leven Car Company are facing an uncertain future after the business entered administration.
The specialist car dealership, Scotland's only Aston Martin and Rolls-Royce dealer, broke the news to employees when they turned up for work this morning.
It is understood that staff at all three of the firm's sites - Corstorphine and Bankhead, in Edinburgh, and Selkirk - were informed at 10am and immediately sent home.
Leven, which employs 139 staff across its dealerships, has appointed administrators at Leonard Curtis Business Rescue & Recovery as it searches for a buyer.
None of the company’s employees have been made redundant, as the administrators "assess the company’s financial position and explore the possibility of finding a buyer for all or parts of the business".
Directors said they had taken the decision to call in administrators following a difficult couple of years for the motor trade.
Corstorphine is the firm's flagship showroom, selling specialist high end cars including holding the Rolls-Royce franchise for Scotland.
The group is also the sole franchise holder for Aston Martin in Scotland, as well as selling Suzuki, Mitsubishi, Lotus and Kia.
It had taken over the franchises for Kia and Suzuki in Selkirk from previous owner the Belmont Group in March 2018.
Joint administrator Stuart Robb said: “We are currently assessing the company’s financial position with a view to seeking a buyer for all or parts of the business.
"This is a unique opportunity to acquire a business with a strong reputation, excellent customer base, and a highly knowledgeable and loyal workforce.”
Leven will continue to maintain a presence at its dealerships for a short period of time to ensure that any customer queries can be addressed.
This comes a day after Aston Martin warned that it will miss its profit targets after tough headwinds continued into December, a key month for the motor industry, even as fellow luxury car-maker Rolls-Royce posted a record year.
Aston Martin said that the "challenging trading conditions" it flagged in November have not eased and, as a result, it has registered fewer sales, higher costs for selling each vehicle, and lower margins.