Tag Archive | "andrew page"

BREAKING: NINE AP BRANCHES MUST BE SOLD TO ‘PURCHASER APPROVED BY CMA’

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BREAKING: NINE AP BRANCHES MUST BE SOLD TO ‘PURCHASER APPROVED BY CMA’


In a statement released by the Competition and Markets Authority (CMA), Euro Car Parts must now ‘sell a depot in each of these areas to a purchaser approved by CMA, so that customers don’t lose out’.

ECP bought most of the Andrew Page business in October 2016, after the latter went into administration.

A group of independent CMA panel members identified nine areas in England where the both companies were close competitors and where the merger could ‘significantly reduce competition’ for local customers.

The group did not consider that larger national or multi-regional customers would be adversely affected by the merger.

Professor Alasdair Smith, Inquiry Chair, said: “Following an in-depth investigation, we have found that this merger has the potential to drive up prices or reduce levels of service for customers in 9 local areas. That’s why we are requiring a depot in each area to be sold to a buyer approved by the CMA”.

“Outside of these areas, we did not find that the merger will further reduce competition compared to what would have happened if Euro Car Parts had not purchased Andrew Page”.

The nine affected areas are: Blackpool, Brighton, Gloucester, Liphook, Scunthorpe, Sunderland, Wakefield, Worthing and York. Swindon had also been identified during the provisional findings stage, but new evidence came to light which resulted in the group deciding that competition would not be affected in this area.

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BREAKING: ECP/ANDREW PAGE CMA FINAL REPORT PUBLISHED

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BREAKING: ECP/ANDREW PAGE CMA FINAL REPORT PUBLISHED


Breaking news: CMA has published its final report on the ECP takeover of Andrew Page.

You can read the full report here

Statement from ECP“Euro Car Parts welcomes today’s decision by the Competition & Markets Authority (CMA) to give approval to its proposed acquisition of Andrew Page, subject to the divestment of nine branches*. 

Euro Car Parts bought most of the Andrew Page business in October 2016, after the company went into administration. Euro Car Parts supports the CMA’s conclusion that “The group did not consider that larger national or multi-regional customers would be adversely affected by the merger”. 

Sukhpal Singh, Chairman of LKQ UK & ROI, commented “We are genuinely thrilled the future of the Andrew Page business has been secured, which celebrates its UK centenary this year. We remain committed to assuring that the Andrew Page ‘brand’ continues to thrive and remains separate from Euro Car Parts, but will benefit from our UK infrastructure, inventory and the financial support from the LKQ Corporation. 

“We very much hope that customers of Andrew Page will continue to support the business, and we will partner with them to ensure that the company’s proposition continues to meet their current and future requirements in the way they have come to rely upon and cherish. 

“I would like to thank all Andrew Page colleagues for their professionalism, with total focus on serving their customers during a challenging time. We wish to reassure them that we are committed not just to retaining them but to investing in their long-term progression and development.” 

Martin Gray, CEO of Euro Car Parts, stated: “Euro Car Parts will continue to work with the CMA to bring this process to a conclusion and will update as appropriate.  We are delighted that approval has been clarified. This will provide welcome direction and confirmation for our customers, employees, suppliers and shareholders.” 

*The 9 branches are: Blackpool, Brighton, Gloucester, Liphook, Scunthorpe, Sunderland, Wakefield, Worthing and York. Swindon had also been identified during the provisional findings stage, but new evidence came to light which resulted in the group deciding that competition would not be affected in this area.”

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CMA LATEST: CERTAIN ANDREW PAGE BRANCHES ‘DAMAGE COMPETITION’

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CMA LATEST: CERTAIN ANDREW PAGE BRANCHES ‘DAMAGE COMPETITION’


The Competition and Markets Authority (CMA) has provisionally found that the purchase by Euro Car Parts of much of the Andrew Page business could ‘damage competition in 10 local areas’.

Euro Car Parts bought most of Andrew Page in October 2016, after the latter went into administration. Following a complaint, a group of independent panel members at the Competition and Markets Authority (CMA) has investigated the merger. The group identified 10 local areas in England where the two companies were close competitors and where the merger could result in reduced competition for local customers, leading to higher prices or a lower quality of service.

The 10 areas mentioned in the draft are:

  • (a) Blackpool;
  • (b) Brighton;
  • (c) Gloucester; 
  • (d)  Liphook;
  • (e)  Scunthorpe;
  • (f)  Sunderland;
  • (g)  Swindon;
  • (h)  Wakefield;
  • (i)  Worthing; and
  • (j)  York.

The group did not consider that national or multi-regional customers would be adversely affected by the merger.

Professor Alasdair Smith, Inquiry Chair, said: “Andrew Page was in administration and would have closed down if a purchaser had not been found. The only two other purchasers would have bought a much smaller number of depots. We think that in most markets the merger will not further reduce competition compared to the alternative. However, in 10 local areas we are concerned that a reduction in competition could lead to higher prices and a lower quality of service.

In addition to the summary of provisional findings and the provisional findings report, a notice of possible remedies has been issued today, which outlines the measures the CMA could take if it still believes the merger would reduce competition when it makes its final decision. This identifies that competition could be maintained if Euro Car Parts sells depots in the 10 affected areas.

Anyone wishing to respond to the notice of possible remedies should do so in writing by no later than 28 September 2017. Anyone wishing to respond to the provisional findings should do so in writing, by no later than 5 October 2017.

More on this fast-moving story as soon as we get it – Ed

 

 

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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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BREAKING: TMD FRICTION REINSTATES ANDREW PAGE SUPPLY

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BREAKING: TMD FRICTION REINSTATES ANDREW PAGE SUPPLY


The following statement has been issued to CAT from TMD Friction UK:

 

Following the recent sale of Andrew Page to LKQ Corporation, TMD Friction UK has been in discussions with the company to agree a deal to reinstate its relationship to distribute Mintex products.

Steve Firbank, managing director of TMD Friction UK, said: “We have a strong relationship with LKQ and it was a natural progression to strengthen our relationship with the company for Andrew Page to distribute our Mintex products.

“As well as working closely with our independent partners across the UK, the agreement with LKQ will ensure a wider distribution network for Mintex that has become a product of choice for garages.”

TMD Friction will also launch its Textar product into the UK market in 2017. Textar is a premium original equipment product and will offer factors and garages an alternative brand.

Andrew Page had been amoung the largest distributors of TMD products, but the latter had ceased supply in the wake of Andrew Page’s well-publicised financial trouble.

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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 TAKEOVER: STATEMENT FROM ECP PARENT

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ANDREW PAGE TAKEOVER: STATEMENT FROM ECP PARENT


Following the news earlier this morning that ECP parent company, LKQ holding is to acquire Andrew Page, the following statement has been issued by LKQ:

“LKQ Corporation today announced that its United Kingdom subsidiary, Euro Car Parts, has acquired substantially all the business assets of Andrew Page Limited, a distributor of automotive parts in the United Kingdom. As part of the transaction, Euro Car Parts will acquire 102 Andrew Page branch locations, its national distribution centre and corporate office. 

UK C.E.O. Martin Gray said “I am delighted to confirm that the future of the Andrew Page business has been secured, which celebrates its UK centenary next year. We remain committed to assuring that the iconic Andrew Page “Brand” continues to thrive and will remain separate from Euro Car Parts, but will benefit from our UK infrastructure, inventory and the financial support from the LKQ Corporation.” 

Gray added “I am thrilled to confirm that Mark Saunders will remain as Managing Director of Andrew Page and we are committed to retaining all team members – they are the DNA that makes Andrew Page so uniquely special.  We very much hope that Andrew Page’s customers will continue to support Andrew Page, partnering with them to ensure that the Andrew Page proposition, that they rely upon and love, continues to meet their current and future requirements”.  

UK Chairman and LKQ Board Member Sukhpal Singh Ahluwalia added “As a competitor, I have always had the greatest respect and admiration for Andrew Page and the brand. So today, I’m absolutely delighted to welcome them into the LKQ family. The acquisition by LKQ firmly demonstrates our ongoing commitment to the UK market, which includes their investment in the Euro Car Parts brand new 1.6M sq. ft. distribution centre, located in Tamworth and our recent acquisition of Arleigh, a specialist leisure wholesaler.”

We’ll bring you more developments on this story as they occur.

 

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BREAKING: ECP PARENT ACQUIRES ANDREW PAGE

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BREAKING: ECP PARENT ACQUIRES ANDREW PAGE


Following yesterday’s news that Andrew Page was on notice of intent to appoint administrators.

A statement from the company reads as follows:

 

Andrew Page today announces its sale to LKQ Corporation (LKQ) in a strategic acquisition by the US buyer. 

The purchaser, an S&P500 company listed on Nasdaq, is a leading motor parts distributor in the US and the owner of Euro Car Parts in the UK.

Leeds-based Andrew Page is a major distributor of quality auto parts, workshop equipment, tools and diagnostics, primarily to independent garages. Founded in 1917, the company has 109 sites and over 2,000 full time and part time staff. It had sales of £192m in the financial year ending September 2015. 

Jim Sumner, chairman of Andrew Page, said: “The strategic acquisition by LKQ recognises that Andrew Page is a strong business with a historic brand. 

“We are pleased at the completion of the sale, which brings the business and its employees into a global group with more than $6 billion in sales.

“The investment also highlights the continuing attractiveness of British businesses for foreign buyers.”

LKQ is buying substantially all of the assets and operations of Andrew Page, except for seven of the company’s 109 branches.

Mark Saunders, chief executive of Andrew Page, said: “This is a great deal for Andrew Page and its employees and puts us in a strong position for the future.

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

Andrew Page made a number of significant investments in the last financial year, including £1m in a new state-of-the-art telephony system, continued upgrades to its van fleet and new infrastructure at its national distribution centre in Markham Vale. Andrew Page also acquired the Solid Auto brand and business in March 2016.

As part of the sale process, administrators from PwC were appointed to Andrew Page Limited, Solid Auto (UK) Limited and Colton Parts Company Limited on October 3 and immediately concluded a pre-packaged sale of the business and assets of each company to the purchaser.

 

We’ll bring you more news as it breaks.

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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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