Tag Archive | "LKQ"

BREAKING: LKQ CONFIRM SUKHPAL RESIGNATION

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BREAKING: LKQ CONFIRM SUKHPAL RESIGNATION


LKQ Corp, the owner of Euro Car Parts has confirmed that it has accepted the resignation of Executive Chairman Sukhpal Singh Ahluwalia.

The founder of ECP, known simply by his first name to all in the business, sold the company to the US-based parts giant in 2011, remaining as an Executive Director.

The conformation follows reports that Sukhpal, Martin Gray, Steve Horne and other senior management walked out of ECP last week over the subject of proposed cuts by LKQ.

READ: ANDY HAMILTON SUCCEEDS MARTIN GRAY AS EURO CAR PARTS’ CEO 

Sukhpal commented, “ECP has been my life’s work and there will always be a bit of the company in me. I have enjoyed my relationship with LKQ but the time has come for a change so I can devote my full abilities to building the property business with my sons. I am confident in the strategy LKQ has for its European segment and for the next level of growth and operational excellence at ECP.”

Dominick Zarcone, President and Chief Executive Officer of LKQ Corporation, stated, “Sukhpal has been a key partner with LKQ over the past seven years as we have quadrupled the size of our business in the U.K., and he has served as a valued LKQ board member. While we will miss his insights, we respect his desire to spend all his time focused on the family property business and wish him nothing but the best in those endeavours.”

READ: BOARD WALKOUT AT EURO CAR PARTS

Sukhpal has resigned from the company he founded in 1979

This is not the first time that Sukhpal has left ECP while under LKQ ownership. However, he left in 2014 amid rumours that he had fallen out with the parent company and was planning to start a new factor chain to be called APX. These rumours took on substance when a recruitment advert appeared in CAT. Shortly after Sukhpal and several dozen other former Euro Car Parts’ employees agreed to return to ECP under new terms.

 

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BREAKING: ANDY HAMILTON APPOINTED NEW CEO OF EURO CAR PARTS

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BREAKING: ANDY HAMILTON APPOINTED NEW CEO OF EURO CAR PARTS


Andy Hamilton is new CEO of Euro Car Parts

BREAKING: The following statement has been released by Euro Car Parts:

“Euro Car Parts announced today that Andy Hamilton has been appointed CEO of the ECP Group, effective immediately, replacing Martin Gray who has decided to leave the company to pursue other interests. Hamilton joined Euro Car Parts in 2010 and held several different roles within the company, the last of which was Chief Operating Officer. 

READ: LKQ CONFIRM SUKHPAL’S RESIGNATION

“During that period ECP saw unprecedented growth as the branch network increased from 89 to over 220 locations. In 2016, Andy was asked to assume a position with LKQ Europe and most recently held the title Chief Commercial Officer, where he was responsible for several key pan-European projects related to digital strategy, revenue optimization, category and product management, data analytics, pricing and garage customer concepts. Prior to ECP, Andy held a variety of management roles for Halfords Group, the UK’s leading automotive and leisure retailer with over 500 locations. 

READ: BOARD WALKOUT AT EURO CAR PARTS

“Commenting on the changes John Quinn, CEO for LKQ’s European operations said “I am delighted to have someone with Andy’s customer focus and experience leading Euro Car Parts. With the completion of our new National Warehouse in Dublin to service the ROI and with our Tamworth distribution facility now fully operational, we are poised to continue our growth track.“ 

“2018 saw Euro Car Parts complete a number of important projects. After gaining clearance from the CMA they were able to integrate the Andrew Page logistics and purchasing functions. The company relocated out of several warehouses around the country into its Tamworth operations, including its highly automated T2 warehouse. It also completed a new distribution warehouse in Dublin to better service the ROI market. “With the efforts these projects required now behind us, we can return our energy to growing our business and providing the outstanding service and value to our customers that we have been long known for. It is an exciting time to be leading Euro Car Parts” said Hamilton, 

“I look forward to re-joining my colleagues as we take Euro Car Parts to the next level of operational excellence.”

As always, CAT will bring you the news as it breaks. 

 

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BREAKING: WALKOUT AT EURO CAR PARTS

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BREAKING: WALKOUT AT EURO CAR PARTS


Sukhpal Singh Ahluwalia and Martin Gray have reportedly quit Euro Car Parts amid concerns that parent company LKQ is planning to axe hundreds of jobs. CFO Steve Horne has also reportedly left his post.

Sources close to CAT suggested that 400 jobs are to be axed. The news comes just days after LKQ announced the appointment of Ard Franz as COO of LKQ Europe.

In October we spoke to Mr. Ahluwalia and Mr. Gray about the future of the business, particularly now its main competitors are no longer local independent factor groups, but are other similar stock-market listed businesses with North American parent companies.

NASDAQ-listed LKQ’s share prices have dropped significantly compared with the previous period.

Gray, Ahluwalia and LKQ have been contacted for comment.

More on this breaking story as it develops

ECP’s 75th branch

 

 

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SUKHPAL AND LKQ: ‘SIGNIFICANT INVESTMENT’ IN HGV FACTOR CHAIN

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SUKHPAL AND LKQ: ‘SIGNIFICANT INVESTMENT’ IN HGV FACTOR CHAIN


Truck part supplier Digraph Transport Supplies has been acquired in a joint deal between LKQ Corporation and Sukhpal Singh Ahluwalia. Terms of the deal have not been disclosed.

The move is significant as it marks the first time that both the founder of Euro Car Parts and the corporation that now own it have embarked on a deal as joint investors.

14-branch Digraph will retain all current employees and James Rawson will remain as MD. Rawson has also made an investment in the business.

CAT spoke briefly to Sukhpal to confirm the deal had taken place. He said that the ‘fragmented’ state of the HGV parts market lead it to being an area considered for expansion into for some time and that Digraph was the best fit in terms of matching ECPs ‘sales and customer service ethic’.

In a statement to his team, James Rawson said: “This investment will enable Digraph to access to the resources we need to grow the business and implement our expansion plans. We will work closely with ECP to enhance customer service levels. I am thrilled to be working with Sukhpal and taking up the challenge of extending the Digraph service to customers throughout the UK.”

In related news, Sukhpal has extended his three-year contract with ECP, retaining his position as Executive Chairman.

 

 

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ARLEIGH INTERNATIONAL ACQUIRES A.S.A.P SUPPLIES

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ARLEIGH INTERNATIONAL ACQUIRES A.S.A.P SUPPLIES


Arleigh International Ltd, a Euro Car Parts company, announced today the acquisition of marine distribution specialist A.S.A.P. Supplies Ltd. Based in Suffolk, A.S.A.P. is one of the UK’s largest stockists of marine equipment and spare parts.

Established in 1989, A.S.A.P. provides a huge breadth of marine products for customers’ maintenance, repair and overhaul projects. A.S.A.P.’s offerings are supported by a highly-skilled customer service team that provide guidance across its vast product mix of more than 70 trusted brands.

Arleigh International was itself acquired by ECP in August last year along with the Nova Leisure and Midland Chandlers brands. The brands are among the largest in the touring and leisure boating sectors.

Martin Gray, CEO of Euro Car Parts, said: “A.S.A.P Supplies is a complementary fit with Arleigh and is a further enhancement of Euro Car Parts’ Specialist Products Division. This agreement further cements Arleigh as the market-leading distributor of products to the UK caravan, leisure and marine markets.

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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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UPDATE: REPORT LINKS LKQ TO UNIPART AUTOMOTIVE ACQUISITION

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UPDATE: REPORT LINKS LKQ TO UNIPART AUTOMOTIVE ACQUISITION


A report in The Daily Telegraph suggests that struggling component supplier Unipart Automotive may be acquired by LKQ Corp – the US-based firm behind Euro Car Parts.

A spokesman at ECP declined to comment.

The newspaper also linked a possible rescue package with Better Capital – a business turnaround fund. Better Capital has been responsible for the buyout of the UK division of Reader’s Digest magazine and for obtaining Fairline Boats in 2011. However, he may be best known to CAT readers as the man behind Alchemy Partners’ unsuccessful bid to buy MG Rover in 2000. The company ultimately went to the Phoenix Consortium.

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