Breaking news: CMA has published its final report on the ECP takeover of Andrew Page.
- Merger can go ahead, subject to divestment of nine branches.
- ECP has issued the statement below.
- More on this story as soon as we get it.
- BREAKING: Nine Andrew Page branches must be sold to ‘purchaser approved by CMA’
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.”