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Practical Car and Van Rental has been bought by a company called Tudor Holdings for an undisclosed sum.
Tudor Holdings also owns Kent Auto Panels Ltd., which operates a mid-sized car dealer group in Kent and Sussex.
Speaking exclusively to BusinessCar, Tudor chairman Graham Furneaux said there would be no change to the running or management of Practical.
"It's an investment," he explained. "The previous shareholders and non-executive directors wanted to exit the business and we've known Practical for a number of years because we already operate a rental business, although we're not a Practical franchise holder. We paid a fair price based on the assets of the company plus a premium for the long-standing profitable nature of the business."
Practical operates a franchised system with 136 outlets across the UK running a total of 3000 vehicles. Of this number, 1000 are leased by Practical to the franchise holders.
Furneaux added that he hoped to grow the Practical business with an increased number of franchise holders.
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