Unipart sale imminent

Euro Car Parts rescue deal on the cards?

Published:  08 July, 2014

Vehicle parts supplier Unipart Automotive has been consulting administrators KPMG this week following a period of difficult trading. It has emerged today that the independent car parts supplier could be close to a rescue deal from the likes of Euro Car Parts and Jon Moulton's Better Capital.

Mark Dixon, chief executive of Unipart, 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.

It is rumoured that a trade buyer is more likely to succeed because it would benefit from synergies and be able to consolidate the business. However,  Jon Moulton, founder of Alchemy Partners, has a history in the car sector, with an unsuccessful attempt to take over MG Rover in 2000.

The company filed a notice of intention to appoint KPMG to act as administrator in a move which put 1,600 jobs at risk. The company, once part of British Leyland, was sold to Dutch private equity firm H2 Equity partners in 2011.

In May this year, it was reported that the firm had completed a multi-million pound refinancing, which was designed to return the company to profitability.

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