Thu, 10 Jul 2014 | BUSINESS SALE
Britain's biggest independent car parts supplier is on the brink of administration with 1,600 jobs at risk.
Unipart Automotive is in rescue talks with several interested parties while it has also been announced that it filed a notice of intention to appoint KPMG as administrators should a deal not be completed soon. The company, which has a network of 200 branches across the UK, has said that it hopes to find a buyer before the end of the week.
Unipart Automotive is part-owned by Unipart Group and controlled by H2 Equity Partners, a Dutch private equity firm. The Oxford-headquartered company is the largest independent supplier of car parts, workshop consumables and garage equipment to the after-market.
It is thought that the City financier Jon Moulton will take over Unipart, although there are reportedly three interested parties. Mr Moulton’s investment firm Better Capital is, according to Sky News, competing against Euro Car Parts and one other company in this sector.
In response to the Sky News report earlier this week, Mark Dixon, Unipart Automotive chief executive, said yesterday (9 July): "In response to current press speculation I can confirm that Unipart Automotive Limited are currently in detailed discussions with three parties in respect of the sale of the business.
"We are very hopeful of concluding this transaction in the next 36 hours. A notice of intention to appoint administrators has been filed, but merely with the intention of protecting Unipart Automotive while we complete this sale process."
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