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Buyout dealer Dagenham Motors set to go public
Page 24
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• South-east Iveco Ford and Ford dealer Dagenham Motors is going public seven years after a management buyout which was led by its present chairman and managing director • David Philip.
The group, which runs truck and van dealerships in Barking and Hayes as well as four other Ford van, and car businesses, is floating seven million shares at 110p each. Philip and director Trevor Prestidge will retain most of the shares.
Each of the company's Iveco Ford outlets turned over 212 million in 1987, contributing to group profits of over £2.25 million. The company is valued at £18.2 million and dealings in its shares were due to begin on Tuesday 26 April.
Philips, who bought the Hayes dealership only a year ago, has . spent 20 years in truck distribution and sales.