Tag Archive | "andrew page"

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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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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AUTOINSIDER LIVE TURNS FOCUS TO MOT TRAINING


AutoInsider took place at Sandown Park

AutoInsider took place at Sandown Park

The most recent edition of AutoInsider saw a new focus on preparation for MOT training courses.

Although delegates at the Andrew Page-backed event at Sandown Park still had the usual meet and greet with suppliers, the highlight of the show was a seminar theatre which hosted an explanation of the new requirements for authorised examiners.

Paul Hall, Group Training Manager at Andrew Page, said: “People have heard so many rumours about how to go about undergoing MOT tester training”.

“The reason we put on the seminar here today was to set the record straight about what is happening and what we can do for the industry”.

Aside from the forum, key suppliers including Bosch, TRW, Mann Filter and Unipart were on hand to explain their wares. Under the theme ‘Tomorrow’s Garage Today’, tool makers and parts suppliers put on a show that related to modernising the workshop. “Whenever we do something like this, it’s always a success to talk with customers, key managers, people from supply chains and spend quality time with customers outside of the garage” said Rebecca Leigh Regional Sales Manager for Andrew Page.

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FACTOR MOVEMENTS OVER THE SUMMER

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FACTOR MOVEMENTS OVER THE SUMMER


GAU parent reveals UK buying spree, while AP rebrands Solid Auto branch

AP_Solid_Auto

New Andrew Page branch

GROUPAUTO’s parent company Alliance Automotive Group (AAG) has taken over seven UK motor factors over the first half of 2016.

Notable acquisitions include Luton Motor Factors and five-strong CV factor chain HS Astec.

The turnover of the UK branches total more than £26m and are part of the group’s strategy of buying sole traders and small chains across Europe. As reported in the magazine last month, the group recently acquired the nine-branch Busch chain in Germany and it has also bought six businesses this year in France including Electro Diesel Services and Auto Omnia Industries.

TABLE_1

AAGs UK acquisitions

Despite having acquired 14 companies operating over 42 sites, the firm has issued no comment on the matter aside from an information bulletin for stakeholders.

Meanwhile, Andrew Page has rebranded Solid Auto, its most recent acquisition, as an Andrew Page branch. The 17,000sq ft site will serve as a ‘hub’ branch and improve the firm’s stock handling capabilities in the South East and South West regions of England as well as reaching customers in Wales.

“The Midlands is a key region for us both in terms of its location from a logistics perspective, as well as the opportunities it brings in reaching additional customers,” said Mark Saunders, Andrew Page Chief Executive. “This site will also help us to expand our operations into Wales, where we are looking to grow further after opening our Cardiff site last year.”

Earlier in the year, Saunders told CAT that Page was still actively seeking businesses
to acquire.

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ANDREW PAGE ACQUIRES SOLID AUTO

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ANDREW PAGE ACQUIRES SOLID AUTO


rsz_solid_auto_-_buildingAndrew Page is set to become Britain’s leading distributor of Japanese and Korean car parts after acquiring a specialist rival. The  Leeds-based business has bought Solid Auto  for an undisclosed sum.

The factor believes the acquisition will  strengthen its sourcing capability in China and the Far East. Chairman Jim Sumner said, “Birmingham-based Solid Auto has established a very good reputation as a specialist supplier over the last three decades”.

Mark Price, MD of Solid Auto said: “I am confident there will be significant benefits across the group given our expertise in Far East sourcing and detailed understanding of the market.”

“I believe there is a great cultural fit between Andrew Page and Solid Auto.”

Japanese and Korean cars make up around 20 per cent of the UK car market.  Sumner added: “We are actively pursuing a differentiation strategy. Our key brands are increasingly differentiated from what competitors are offering and acquiring Solid Auto drives that further. Our goal is to be the UK’s leading specialist Japanese and Korean car parts player.”

 

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WOODFORD GREEN OPENS A NEW PAGE


Ben Buchannan shows us around the latest branch in the Andrew Page network
Andrew Page Woodford Green

The newest branch of Andrew Page in Woodford Green has thrown up the shutters. In fact, on our visit the doors were wide open for business open in the most literal way as a motor fault meant they couldn’t be shut. Teething troubles aside, we were keen to take a look at the latest branch in Greater London.

As we entered the reception area, staff seemed friendly and professional, dealing with customer queries face-to-face and over the phone. South Divisional Manager Ben Buchanan and Branch Manager Gareth Jones welcomed us, both of whom are old hands in the aftermarket. Buchanan joined AP from Allparts having previously worked for Bosch, Cosworth and even a spell in a Lamborghini franchise. Meanwhile, Jones worked for arch-rival ECP for 12 years before transitioning to Branch Manager for the AP store in December.

Once we ‘d been properly introduced, we were keen to find out how the store has taken off since the launch: “Within four weeks of service, daily rates are up and targets have been met already”, Jones said. “We are hitting between 80 – 100 deliveries a day and I’d expect to double this in the next five weeks”. The warehouse currently operates six agency scooters and four vans delivering auto-parts to independent garages and national businesses across the area.

Stockroom

Andrew Page WarehouseThe 5500 sq. ft stockroom has been reconfigured to include a large mezzanine giving it a holding capability equivalent to 11,000 ft. “We have five miles of shelving running down the warehouse. We have managed to do this because of how we packed the stock”, Buchanan explained, adding that the number of SKUs range between 26,000 and 50,000 as the branch adapted its stock profile for the local area.

However, the fringe between Essex and London is a highly competitive patch – and not one where this factor really had a toehold in the past. Explaining the decision to open there, Buchman said: “We came to the Woodford Green because the main factors are under represented here”. He added that ECP dominates the area and there was a feeling that local garages might buy into the added-value services offered by Page, such as IMI training. There are also a number of the national accounts covered by the firm nearby, including an F1 Autocentre in an adjacent unit and a Kwik-Fit a short dStockroomistance away.

Prior to starting, the Woodford Green staff had to undergo an intense six-week training programme provided by various managers from the company. The store’s training services for their team and external businesses is something thats helped the branch rank against the competition.

As our tour came to an end, we asked the team what they’d hope to achieve by the end of 2016: “The forecast so far is looking good and by the end of February, we hope all our sales guys will have met and established professional relationships with all our customers”, Jones responded.

“We are looking to engage with more independent and national businesses within a five mile radius of the branch. We are not focusing so heavily on products in the spring and summer, but more about releasing as much bandwidth within their business. The more the technicians can do and work on is how they will increase on how many parts they can buy, and therefore buy from us”, Buchanan concluded.

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ANDREW PAGE SECURES EXTRA FINANCE

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ANDREW PAGE SECURES EXTRA FINANCE


andrew page autoparts peoplePSFactor chain Andrew Page Group has secured further funding from its provider PNC Business Credit.

This comes a year after the group agreed a refinancing deal with PNC and the new funding will see its original facility level increase from £40m to £50m to support its growth plans.

In a statement issued by the company, Ed Brookes, CFO of Andrew Page commented: “The new £50m funding package provides additional capital to allow the business to accelerate its strategic growth plans and maintain its momentum.  PNC are a terrific partner to have on board through this exciting stage of our development.”

Jim Sumner, Chairman of Andrew Page said: “Our expansion plans and the confidence of our financial backers is a reflection of the wide experience and hard work undertaken by the management team. The continued focus on the streamlining and efficiencies of our business is paying dividends and we’re at the top of our game.”

The firm, which is backed by private equity houses Endless and Phoenix Equity Partners, operates 108 branches across the UK and at the start of last year stated its intention of expanding through a combination of acquisitions, new branch openings and investing in its on-line presence.

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