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 Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
- 2 Disney heiress Abigail disowns her share of family profits in West Bank company
- 3 Israel's propaganda machine is finally starting to misfire
- 4 Zayn Malik on Israel-Gaza: One Direction singer bombarded with Twitter death threats after posting #FreePalestine
- 5 'Hello mum, this is going to be hard for you to read ...'
Sally Farmiloe dead: Howards' Way actress, and former mistress of Jeffrey Archer, dies aged 60
Women in Turkey have a laugh in public at the deputy Prime Minister's expense
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Disney heiress Abigail disowns her share of family profits in West Bank company
Australian model Robyn Lawley stages naked protest against huge coal mine seven times the size of Sydney Harbour
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
A day in the life of Vladimir Putin: The dictator in his labyrinth
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
- < Previous
- Next >
iJobs Money & Business
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...
£600 - £700 per day + competitive: Orgtel: Senior Investment Accounting Change...