Evans Halshaw snaps up UBM
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• Birmingham motor group Evans Halshaw is buying Ford and Iveco Ford dealer UBM Motors for 27.5 million.
UBM's two truck dealerships in Bristol and Exeter will bring Halshaw's Iveco Ford outlets to four.
Haishaw already has Iveco Ford outlets in Newport, Gwent and Sutton in Ashfield, Nottinghamshire, and it also holds Leyland Daf franchises in Birmingham and Shoreham and Crawley in Sussex.
Halshaw will finance the purchase with cash raised from a £17.6 million rights issue to its shareholders, who will be offered five new shares for every 11 they own.
Halshaw will also take over UBM's 100-truck rental operation in Avonmouth, Bristol, which it plans to expand. It is also aiming to move rapidly into contract hire and already runs a 300-vehicle operation based in Birmingham.