Swindon & Wiltshire Business News

Motor group agrees £80 million management buyout

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Grange Specialist Cars

 

Swindon-headquartered motors group Cambria Automobiles has agreed to an £80 million management buyout by chief executive Mark Lavery, first announced in March.

Under the takeover, accepting shareholders will get 80 pence per share in cash

In March the motor retailer said that it had consented to chief executive Mark Lavery, finance director James Mullins, and motor division managing director Tim Duckers exploring the possible acquisition of the company not already owned by them.

Accepting shareholders may elect to receive one share in the new company, Cambria Bidco Ltd, instead of the cash.

The company is a retailer of new and used cars, commercial vehicles and motorbikes, with sites across the UK including Grange Specialist Cars (pictured) in Swindon.