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Martin Walter Buying G. E. Neville
Page 49
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THE commercial bodybuilding and vehicle sales, service and engineering company of G, E, Neville and Son Ltd., of Mansfield and Sutton-in-Ashfield, is being acquired by Marlin Walter Ltd., of Folkestone. The actual take-over date is July 17, and .details of a conditional contract of acquisition were revealed recently in a statement by Martin Walter.
This statement showed that the purchase price is £333,500, made up of £283,500 in dash and the balance by the issue of convertible unsecured loan stock.
The Neville company, which is a main distributor of Bedford and Vauxhall vehicles as well as an important designer and producer of goods vehicle bodywork, was formed in 1908 by the father of the present managing director, Mr. George .Neville. Mr. Neville is to remain managing director (it is understood that he has taken a live-year contract with Martin Walter) but the rest of the board will leave later this year.
A Neville company spokesman told The Commercial Motor this week that employees had been assured that the concern would continue functioning as before.