Britain’s largest independent motor factor chain has been acquired by Motus Aftermarket Parts, the South African parts distributor that owns FAI.
Although Mukesh Shah and his immediate family are to leave the company, the rest of the current leadership team is expected to remain in post. Filings show that the existing MD Darren Wykes is now an executive director.
READ: Interview: Mukesh Shah
In an all staff email seen by CAT, Mukesh writes that the pandemic had given him time for ‘personal reflection’ and that the decision to sell to Motus ‘was certainly not taken lightly’.
MPD has expanded its network dramatically over the last decade, expanding from 45 outlets at the start of 2013 to 173 as of today, bringing the firm close to the founder’s pre-pandemic prediction of 200 branches and a £200m turnover by 2025.
Motus Aftermarket Parts already has an aftermarket presence in the UK. A year ago it acquired FAI Automotive PLC from the Walker family for a reported £27m.
Motus Aftermarket Parts owns a number of businesses in its home continent and has invested in businesses in the Far East as well as owning some franchise dealerships in the UK. Even prior to the MPD acquisition it employed around 17,500 people around the world.
- We’ll bring you more information about the terms of the deal and statements from the parties involved as we receive them.