Speculation mounts on BCA sale
16 March 2015
Author: Daniel Puddicombe
Haversham Holdings, an investment consortium has not ruled out BCA as its possible acquisition target, following reports that the remarketing giant is up for sale.
Haversham confirmed to BusinessCar it is in "advanced talks" over a possible takeover bid.
BCA declined to comment when asked by BusinessCar.
The Financial Times is reporting that BCA is on the verge of being sold for up to £1bn.
Haversham is lead by former Stobart Group chairwoman Avril Palmer-Baunack.
The remarketing company, which is owned by private equity company Clayton Dubilier and Rice planned to float on the London Stock Exchange in October. It hoped to raise at least £200m to repay debts, but did not list itself citing a volatile market.
BCA operates in 12 European markets and Brazil. The company owns We Buy Any Car, which buys, used cars from consumers and sells them onto second-hand dealers.
The group hosts 19,000 auctions a year, 37% of them online. Last year it oversaw the sale of 900,000 vehicles to 55,000 buyers from 1000 vendors.
Late last year, BCA was given planning approval for its 20 acre Perry Barr remarketing site in the West Midlands.
The new site will operate as a complementary multi-channel remarketing and logistics facility to BCA's existing businesses at Castle Bromwich and Walsall.
Around 200 new job opportunities will be created in the region as a result of the new site.