Unipart Automotive ‘days away’ from securing a rescue deal
Wednesday 09 July 2014
The UK’s largest independent car parts supplier is close to a rescue deal as Euro Car Parts and Jon Moulton’s Better Capital circle Unipart Automotive.
Unipart Automotive issued a notice of intention to appoint administrators this week and KPMG is advising on a rescue deal to save more than 1,500 jobs.
The company , which employs about 1,600 people in the UK, completed a refinancing deal in May, but it was not enough to save the business.
The UK business is owned by Unipart Group and H2 Equity Partners. The Dutch private equity investor, which bought a 51 per cent stake in 2011, had hoped to invest in the business and turn it around, but recent poor trading prevented it from pulling off its plan.
Unipart Automotive, which has about 200 branches in the UK, hopes a rescue deal will be completed within days.
Mark Dixon, chief executive of Unipart Automotive, said: “I can confirm that Unipart Automotive is currently in detailed discussions with three parties in respect of the sale of the business.
“We are very hopeful of concluding this transaction within the next 36 hours.
One insider said a trade buyer was more likely to succeed because it would benefit from synergies and be able to consolidate the business.
But Mr Moulton, founder and former head of Alchemy Partners, has form in terms of interest in the car sector. He made an unsuccessful attempt to take over MG Rover in 2000.
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
Boris Nemtsov shot dead: Outspoken Putin critic who had expressed fears for his life is killed near the Kremlin
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
New theory could prove how life began and disprove God
Half of Ukip voters say they are prejudiced against people of other races
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...