Auto Retail Agenda: 2 August 2021
01 August 2021
- CAMBRIA MBO OFFER INCREASED
- STONEACRE BUYS JARDINE TOYOTA SITES
- POTTS ADDED TO AUTO RETAIL LIVE LINE-UP
- AUTO TRADER COMBINES SERVICES TO BOOST STOCK OFFER
- NEW RETAIL FIGURES REVEAL DISPOSABLE INCOME BOOST
- VW CONSIDERS EUROPCAR TAKEOVER
- INDIAN DEALERS’ CONCERNS ‘MIRROR UK’S’
- STOCKWATCH – CAMBRIA SHARES JUMP
- COMING UP – BoE INTEREST RATE DECISION
- BUDGET DELAY INCREASINGLY LIKELY
- SPAC RULES RELAXED
Cambria MBO offer increased
Cambria boss Mark Lavery has increased his offer to take the PLC private by upping the amount on the table to 82.5 pence a share.
Despite the original 80p offer being recommended by Cambria’s takeover panel, the management buyout via Lavery’s Bidco firm is understood to have suffered delays due to not reaching the 75% majority approval required.
The new offer has switched from a ‘scheme’ to a ‘takeover offer’ and according to a statement by Cambria “Bidco is of the view that the offer is in the best interests of Cambria shareholders and therefore, in order to increase the certainty of its execution, Bidco has determined, with the consent of the panel, to implement the ofer by way of a takeover offer rather than by way of the scheme”.
The statement added the offer will not be increased unless “there is an announcement of a possible offer or firm intention to make an offer for Cambria by a third party”.
Stoneacre buys Jardine Toyota sites
Acquisitive retail group Stoneacre has continued its growth with purchase of two Toyota and two Lexus dealerships from Jardine Motors for an undisclosed sum.
The sites based in Durham and Wearside are understood to have changed hands at the end of July.
Stoneacre already runs the Toyota franchises in nearby Gateshead and Wallsend which it bought a year ago from Hodgson Newcastle.
Potts added to Auto Retail Live line-up
Graeme Potts, CEO of Eden Motor Group, will complete the line-up for the next Auto Retail Live webinar on 10 August.
Mr Potts will join John O’Hanlon, CEO of Waylands, and Auto Trader COO Catherine Faiers for the Q3 Briefing which will discuss and take questions about the current supply of new and used cars.
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Auto Trader combines services to boost stock offer
Auto Trader is, from this week, making cars sourced through its Guaranteed Part-Exchange product and consumer-facing Instant Cash Offer system available through its Dealer Auction platform. The company claims to have 30,000 vehicles on offer through the two services plus private listings.
New retail figures reveal disposable income boost
Latest figures from the Office for National Statistics, published on Friday have included new research that charts the retail industry over the past 32 years and gives an insight into how consumer habits have changed. The figures reveal that household disposable income has increased 68%.
WORLD NEWS
VW considers Europcar takeover
Volkswagen Group looks set increase its reach beyond manufacturing and into the wider automotive distribution and retail chain with the takeover of rental giant Europcar.
The deal is expected to be completed later this year or at the start of 2022. Volkswagen already owns part of used car classified site Heycar and is looking to switch its UK retailers from franchised to agency agreements.https://bit.ly/3rJTv73
Indian dealers’ concerns ‘mirror UK’s’
India’s latest dealer attitude survey has revealed concerns mirroring those seen in the UK with profitability, viability, support and communication issues all being highlighted.
STOCKWATCH
Closing prices on 30 July 2021 and weekly change
Cambria price jumps following increased MBO offer
Auto Trader Group 652.0p (-8.2p)
Cambria 81.5p (+3.5p)
Caffyns 450.0p (n/c)
Halfords 355.8p (-21.4p)
Inchcape 850.5p (+2.0p)
Lookers 66.9p 64.1p (+2.8p)
Marshall Motor Holdings 213.0p (-2.0p)
Motorpoint 352.0p (+2.0p)
Pendragon 18.0p (+1.6p)
Vertu 46.8p (+3.4p)
COMING UP
Thursday, Bank of England interest rate decision
Friday, Halifax house price index
Tuesday 10 August, Auto Retail Live Q3 Briefing, register: https://bit.ly/2VqjVhP
MONEY MATTERS
Budget delay increasingly likely
Speculation the Autumn budget will be delayed until 2022 is mounting, according to a report in The Times.
SPAC rules relaxed
Rules governing the City and special purpose acquisition companies, or SPACs – such as that used by Cazoo to list on the Wall Street stock market, are to be relaxed in the UK, according to the FCA. The move could lead to an increase in the number of UK SPACs.
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