Under a restructuring of its business - which includes the Evans Halshaw and Stratstone brands - it is closing 22 Car Store showrooms which will lead to 300 job cuts.

It will be left with 12 Car Stores and it is looking for a managing director for the unit.

The company said: "Economic and market conditions are very challenging. The heightened political and Brexit uncertainty, as to both outcome and timing, is adversely affecting customer confidence.

"We are not anticipating any improvement in this for the rest of our financial year and are closely monitoring market conditions and customer behaviour particularly during the important trading month of September."

The shares are down more than 10% to below 10p after falling sharply this year as its problems have emerged.