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New owners at TruckEast
Page 70
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Scania dealership TruaEast has changed hands for -E9m just 16 months after it was formed by an
amalgamation. Kevin Swallow reports.
ruckEast, Scania's independently run franchised dealer for the eastern counties, has new owners just over a year after it began life following the merger of Ro-Truck and Derek Jones Commercials. The £9m buy-in management buy-out (BIMBO) was funded by Glitnir Integrated Finance; TruckEast's new proprietors are Keltrucks' former managing director John Biggin and finance director Simon Hobson: they join sales director David Hall. "We are delighted to have acquired TruckEast, which is a business in an excellent state of health all round," says Biggin. "We will now be focusing on strengthening further and building upon the customer-led service culture developed by Martin Broom and his team."
He intends to expand all areas of the company, with repair and maintenance, aftersa les and aftermarket seen as vital to success. Last year TruckEast turned over £65m with an operating profit of £1.2m, selling 600 new and 150 used vehicles.
Scania (GB) managing director Dan Hoij has voiced his thanks to Vernon Broom, Martin Broom and Philip Addinall, respectively the outgoing chairman, managing director and finance director of TruckEast, for their contribution.
TruckEast was formed on 1January 2006: it became one of the UK's leading independently owned CV dealers with 12 depots and two service dealers covering East Anglia and part of the northern Home Counties including Luton, Bedford, Milton Keynes, Wellingborough and Northampton.
Chris Kelly, Keltruck's founder and chairman, also becomes Keltruck MD: Andrew Jamieson moves to Keltruck as aftersales director—he held the same position at TruckEast, Tracey Joynes has been promoted to chief accountant. •