Alton Cars Ltd Accident Repair Group has been acquired in a management buyout for an undisclosed sum.
Established in 1979, the business has grown to a turnover of £48.5m and has evolved to become one of the largest independent accident repair groups in the UK, with 370 staff across 14 locations.
The MBO was supported by Tony Parish, the exiting founder of Alton Cars, to ensure a future succession plan for the business.
The deal was led by Julian Milner (Managing Director) and Neilson Jones (Commercial Director) with both taking the role of Managing Director on a joint basis moving forwards.
The deal was made possible with the support of the Senior Leadership Team; Sophie Braithwaite (Finance Director), Graham Connell (Operations Director), Tom Butterworth (Procurement Director), Jay Ali (Client Director) and Tom Jones (HR Director).
In a joint statement, Julian and Neilson said, “We are delighted to finally get the deal over the line. Covid has impacted on the timescale of the deal with it taking around 18 months from beginning to end. Fundamentally the senior team have been working together for many years now and have been instrumental in its growth and culture, ensuring that it can deliver upon its promises made to its work providers, which will create the foundation stones to take the business to the next level.”
Andrew Laycock of Carrick Read Solicitors and Jonathan Grant of Grants Accountants provided support and advice throughout the process.
