Next buys Hino distributor HCV
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• Warrington Hino truck dealer and distributor HCV, which went into administrative receivership last month, has been bought by Next Commercials as a going concern for a little over £250,000.
Next is a new company whose shareholders are John Roriston, John Mitchell and Mark O'Neill. Receiver Philip Lyon says the purchase price reflects "the substantial goodwill element" achieved because he was able to keep the business as a going concern.
HCV will continue to trade from its Warrington depot and its new owners hope to expand its operations to Widnes. The company has an order book worth £750,000 and repairs, servicing and spares sales will also contribute to company profits, says Next.
Roriston will chair the new company and Mitchell will become managing director with a 60% holding. Mark O'Neill, as sales administration director, has a 30% share, and Richard Evans is finance director and company secretary.
HCV distributes for Dublinbased Hino assembler Harris, which has set up its own parts and distribution factory in Catterick, Yorkshire. Harris says the sale will not affect its links with HCV or its sales of Hinos in the UK.
HCV is currently distributing three Hino models assembled by Harris: the 6x4 FS271 tipper chassis, the 8x4 FY275 tipper chassis, and the 4x 2 SH283 tractive unit. HCV led Hino's launch in the UK in 1982, when Commercial Motor tested its HE 336E tractive unit (CM 3 April, 1982).