Tag Archive | "administration"

ECP – ANDREW PAGE LATEST: COMPETITION AUTHORITY DEADLINE TONIGHT

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ECP – ANDREW PAGE LATEST: COMPETITION AUTHORITY DEADLINE TONIGHT


 

The CMA (Competition and Markets Authority) has said that Euro Car Parts’ buyout of Andrew Page faces an ‘in-depth merger probe’, unless it ‘offers acceptable ways of addressing competition concerns’ by the end of today (Wednesday May 17).

ECP needs to come up with proposals to resolve the competition concerns. If it does not offer anything, or if the CMA is unable to accept undertakings offered, the merger will be referred for a ‘phase two’ investigation that is substantially more in depth and will take 24 weeks.

At the end of this period the CMA must rule whether the merger can go ahead, and if not, what can be done in the interests of a competitive market.

This follows from last year’s takeover of Andrew Page by ECP on the day that the former went into administration.

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LATEST: BRAKEWORLD IN ADMINISTRATION

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LATEST: BRAKEWORLD IN ADMINISTRATION


Leeds-based supplier Brakeworld entered administration on January 31. The company had been trading since 1986.

The independently owned braking and filtration supplier started as Blaze Glow Ltd in 1981, but changed name and business model in 1986 to become Brakeworld. At the time of closure, the company supplied over 7,000 lines and stocked brands including Japanparts, FTE and Sofima.

We’ll bring more info as we get it.

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COMPETITION WATCHDOG TO INVESTIGATE ANDREW PAGE TAKEOVER

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COMPETITION WATCHDOG TO INVESTIGATE ANDREW PAGE TAKEOVER


The Competition and Markets Authority is to probe the recent acquisition of Andrew Page by Euro Car Parts.

The case was opened on October 14, but no start or end date for the inquiry  has yet been announced.

Full details on the investigation, including the contact for any representations can be found on the CMA website here. 

 

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ECP PARENT ACQUIRES ANDREW PAGE NETWORK

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ECP PARENT ACQUIRES ANDREW PAGE NETWORK


A deal between Euro Car Parts’ owner LKQ Corporation and administrators from Price Waterhouse Coopers has resulted in ECP taking over the whole of the Andrew Page network, barring seven of its 109 branches, with immediate effect. Terms of the deal have not been disclosed, although a statement issued on October 3 explains that the agreement was a pre-packaged sale of the business and assets of Andrew Page ltd, Solid Auto (UK) and Colton Parts Company ltd.

The acquisition comes after months of speculation of the future of the Andrew Page business and follows from the revelation on Monday that the company had filed a notice of intent to appoint administrators at Manchester High Court.

In another statement, ECP’s CEO Martin Gray reassured staff by saying that the new owner is ‘committed to retaining all team members’ and that the Andrew Page brand will be retained. Mark Saunders will remain as MD of the company and both the Leeds head office and the Markham Vale distribution centre were included in the deal.

Mark Saunders said: “We are looking forward to working with Euro Car Parts and LKQ at an exciting time for the motor parts sector, which is undergoing consolidation throughout Europe.”

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ANDREW PAGE: STATEMENT FROM COMPANY

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ANDREW PAGE: STATEMENT FROM COMPANY


BREAKING: Andrew Page has issued the following statement in response to the earlier story.

“The management team of Andrew Page has been working with PwC to explore strategic options for the company, including a potential sale of the business. This process is near completion and the company expects to make an announcement soon.

As a precautionary measure the company filed a Notice of Intention to Appoint Administrators on September 22. This notice provides an initial period of up to 10 working days during which the team can focus on completing the sale process.

The company expects the sale process to conclude imminently at which stage it will be able to update all staff and customers”.

Further news will be posted as it breaks.

 

 

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ANDREW PAGE FILES NOTICE OF INTENT TO APPOINT ADMINISTRATORS

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ANDREW PAGE FILES NOTICE OF INTENT TO APPOINT ADMINISTRATORS


BREAKING NEWS: Andrew Page has filed a notice of intention to appoint administrators at Manchester High Court.

CAT has confirmed with the court that the notice, filed on September 22, lists PWC as the chosen receivers, but no statement from either parties has yet been made.

 

Updates will follow as soon as they occur.

 

 

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ADMINISTRATOR PUTS ‘DIPSTIX’ UP FOR SALE

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ADMINISTRATOR PUTS ‘DIPSTIX’ UP FOR SALE


The administrators of former garage comparison website Dipstix have published the following notice:

Nationwide comparison site which matches motorists who need car maintenance with garages is on sale by Metis Partners, the award-winning commercial intellectual property consulting firm.

Dipstix Limited (in Liquidation), which traded extensively in the North-West of England and featured in the Liverpool Echo, was an online aggregator for independent garages and was able to offer the services of more than 1,100 garages nationwide. Its website attracted approximately 18,000 unique views a month, of which 4,000 would turn into enquiries.

Incorporated in 2013, Dipstix had achieved significant investment.  In 2014 it raised £600,000 in a crowd funding campaign. With an estimated market size of 10 million customers, Dipstix had succeeded in attracting circa 10,000 customers since launch in 2013.  

The sale also reinforces Metis Partners’ expertise and reputation in technology asset sales, which includes the successful marketing of the IP assets of Ekos Global, Matchchat and Blinkbox Music.

The opportunity is expected to be of considerable interest to those operating in the areas of car maintenance comparison sites; online aggregators; car e-commerce; comparison websites; and location-based services.

Nat Baldwin of Metis Partners, who is co-ordinating the marketing drive for the Dipstix assets, said: “Dipstix was among the pioneers in providing maintenance information to motorists and matching them to independent garages who were keen to carry out the work.

“The Dipstix site provided comparisons based on price of maintenance work, ratings and reviews as well as distance to garages. Dipstix’ revenue generation strategies included charging garages sign-on fees and collecting a percentage of the booking fee, as well as working with garages to offer additional services and products that could be sold on to clients.”

Assets linked to the IP asset portfolio include: a fully developed software platform with extensive software development documentation; customer and garage databases; goodwill in the Dipstix brand; branded domain names and website content; and unregistered trade marks.

All offers should be submitted directly to Metis Partners by noon on Thursday, July 14, 2016. 

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‘DIPSTIX’ UP FOR GRABS

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‘DIPSTIX’ UP FOR GRABS


The administrators of former garage comparison website Dipstix have published the following notice:

Nationwide comparison site which matches motorists who need car maintenance with garages is on sale by Metis Partners, the award-winning commercial intellectual property consulting firm.

Dipstix Limited (in Liquidation), which traded extensively in the North-West of England and featured in the Liverpool Echo, was an online aggregator for independent garages and was able to offer the services of more than 1,100 garages nationwide. Its website attracted approximately 18,000 unique views a month, of which 4,000 would turn into enquiries.

Incorporated in 2013, Dipstix had achieved significant investment.  In 2014 it raised £600,000 in a crowd funding campaign. With an estimated market size of 10 million customers, Dipstix had succeeded in attracting circa 10,000 customers since launch in 2013.  

The sale also reinforces Metis Partners’ expertise and reputation in technology asset sales, which includes the successful marketing of the IP assets of Ekos Global, Matchchat and Blinkbox Music.

The opportunity is expected to be of considerable interest to those operating in the areas of car maintenance comparison sites; online aggregators; car e-commerce; comparison websites; and location-based services.

Nat Baldwin of Metis Partners, who is co-ordinating the marketing drive for the Dipstix assets, said: “Dipstix was among the pioneers in providing maintenance information to motorists and matching them to independent garages who were keen to carry out the work.

“The Dipstix site provided comparisons based on price of maintenance work, ratings and reviews as well as distance to garages. Dipstix’ revenue generation strategies included charging garages sign-on fees and collecting a percentage of the booking fee, as well as working with garages to offer additional services and products that could be sold on to clients.”

Assets linked to the IP asset portfolio include: a fully developed software platform with extensive software development documentation; customer and garage databases; goodwill in the Dipstix brand; branded domain names and website content; and unregistered trade marks.

All offers should be submitted directly to Metis Partners by noon on Thursday, July 14, 2016. 

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CHANCELLOR PROPOSES MOT FREQUENCY CHANGE

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CHANCELLOR PROPOSES MOT FREQUENCY CHANGE


George Osborne has announced a review of the MOT frequency, proposing that the first MOT for cars and motorbikes be increased from three years to four.

In his budget speech, the Chancellor said: “We will consult on extending the deadline for new cars and motorbikes to have their first MOT test from 3 years to 4 years, which would save motorists over £100m a year”.

This suggestion has not gone down well with the trade. The RMI’s Independent Garage Association Director Stuart James said: “The government seems to take the view that the MOT is a burden on motorists – we think that motorists deserve more credit than that. Road safety is a priority for them and their families and they understand that roadworthiness testing of vehicle is an important part of making our roads among the safest in Europe.”

The Chancellor didn’t specify when the consultation might start, or how wide reaching it might be. However, it is notable that the wording of the speech excluded vans as it is has been noted in previous frequency reviews that vehicles in MOT class VII generally lead a much harder life and need more frequent checks.

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MACCESS IN ADMINISTRATION

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MACCESS IN ADMINISTRATION


Clockwork growth: Maccess' new livery

End of the road: Maccess call in the administrators

Car accessory wholesaler Maccess has gone into administration with the loss of 350 jobs.

The chain, along with sub-brands Pacific Retail Ltd and Godfrey Autoparts has appointed BDO LLP as administrators.

The administration process will result in the  the closure of the following outlets; Maccess cash & carry 11 store closures, Pacific Retail Limited 34 store closures, and Godfrey Autoparts Limited 6 store closures.

Group parent Tetrosyl Ltd have announced plans to purchase from the administrators the business of some 32 former Pacific Retail Limited branches to operate from them under the trading style of Motor World.

In a statement, a spokesman for Maccess said: “The numbers of independent automotive stores across the UK have been reducing for several years (via phillip). The dynamics of the industry have changed and the customer base has declined to a point where business is no longer viable. After taking advice, we are left with no alternative but to put these businesses into administration.”

 

 

 

 

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