AT THE HEART OF THE ROAD TRANSPORT INDUSTRY.

Call our Sales Team on 0208 912 2120

GKN sells off Autoparts

10th August 1989, Page 14
10th August 1989
Page 14
Page 14, 10th August 1989 — GKN sells off Autoparts
Close
Noticed an error?
If you've noticed an error in this article please click here to report it so we can fix it.

Which of the following most accurately describes the problem?

• GKN is pulling out of UK parts distribution with the sale of GKN Autoparts Distribution to rival distributor Parte°.

The company has sold the business because "it has been unable to attain the performance criteria and growth required by GKN." Last year GKN Autoparts had sales of 291 million with an operating profit of £1.8 million. The sale price of £22.2 million is slightly above the firm's net asset value. However, GKN estimates it will raise a further £8 million from the sale of several Autopart properties. Partco will have almost 300 distribution branches and annual sales of more than £150 million following the deal. The parts distribution firm was formed in 1986 after a management buyout from Burmah Oil and made profits of £2 million last year.

o BRS Northern has signed a £4.5 million contract-hire deal with GKN Chep to distribute pallets throughout the UK with four Leyland Daf 2500s, 12 Volvo F17s, 16 trailers and 96 demountable bodies.

Tags


comments powered by Disqus