BCA in £600m sale rumours
02 September 2009
BCA is reportedly up for sale for £600m after current owners Montagu Private Equity appeared to start proceedings to dispose of the company it acquired in surprise move in 2006 for around £450m.
A statement from BCA refused to comment directly on the speculation. "Montagu have appointed UBS to undertake a strategic review of their options with regard to BCA," said a spokesman. "It is business as usual at BCA and we continue to service our customers' needs at the high levels they have come to expect.
National newspaper reports claimed that the strong used car market had led Montagu to the conclusion that now is an opportune moment to sell. BCA made a £42.5m pre-tax profit in 2007, the last set of results filed with Companies House.
Auction values have continued to rise through 2009, and the most recent figures reported an average selling price of £6028, breaking the £6000 for the first time on BCA's records and 28% higher than July 2008. Volume fleet and leasing cars recorded an average of 100.2% of the industry benchmark Cap clean price in July.