Sun, 16 May 2010 | BUSINESS SALE
The UK’s leading car parts distributor, Euro Car Parts, has been reportedly put up for sale for a quarter of a billion pounds.
The firm was set up in 1978 by Sukhpal Singh, who was aged only 18 at the time. He has now grown the business to more than 70 branches across the country with more than 2,000 employees and annual revenues of £186.9 million last year. Last year’s record profits came in at £17 million, a rise of over £10 million on the previous year.
The business has prospered in the recession as cost-conscious car owners ordered car parts direct rather than paying a premium through car dealerships.
Singh still owns the majority of the business and has reportedly hired private equity and asset management firm Robert W Baird to advise on the sale, which could net him £200 million personally.
The replacement parts company has recently announced its intention to resite its national distribution hub to Tamworth in North Warwickshire, where it has signed a lease on a 256,000 square foot building in the Birch Coppice Business Park.
Latest Update: On Monday 17th May, Euro Car Parts refuted these reports (originating from investigators at the Daily Mail and General Trust), saying that the business is experiencing record profits and is 'definitely not for sale.'
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