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Leyland Daf bosses win buyout contest

10th June 1993, Page 6
10th June 1993
Page 6
Page 6, 10th June 1993 — Leyland Daf bosses win buyout contest
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by Juliet Parish • Leyland Daf bosses have finally been given the green light to buy the Lancashire truck manufacturer from the receiver.

The management buyout team, led by Leyland Daf's joint managing director John Gilchrist, was completing the final formalities for the deal, thought to be worth around £27m, as CM went to press on Tuesday.

The deal is expected to be completed this week, ending months of uncertainty following the collapse of the manufacturer's Dutch parent Daf in February

It will pave the way for Daf Trucks NV to buy the marketing arm in Thame, which will honour truck warranties and plans to take repair and maintenance contracts back in-house. Operators had feared that dealers which were left to handle the repair and maintenance contracts would not have the finance to underwrite the cost of older vehicles which demand a lot of work.

The Leyland buyout was put together by Gilchrist, Leyland Daf's personnel director Stewart Pierce, and Leyland assembly plant managing director John Oliver. It secures the jobs of 700 staff at Leyland, who have agreed to accept a pay freeze until the beginning of 1995.

The IVIBO pips a rival bid by former Leyland Trucks and Leyland Bus director Ian McKinnon. He planned to bid for the Leyland truck assembly plant in Leyland, the spare parts operation in Chorley and the axle business in Glasgow.

At the time of going to press, the receiver had not been told if he was still interested in the Chorley and Glasgow businesses.


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