Guinness Peat Group this week failed in its late bid to stop Perry Group from selling its motor division to Pearlglass.
At a meeting, 80% of shareholders voted in favour of the £25.9m deal. Pearlglass joint managing directors Paul Millard and Ken Savage – former Perry motor division directors – were expected to take immediate control.
Guinness Peat Group, which had a 16.3% stake in the dealer group, argued that the deal was weighed too heavily in favour of the buyers. It criticised the timing and said the sell-off would leave Perry exposed to at least £4.5m of the motor division's debt.
A spokesman for Perry dismissed the claims and confirmed the motion to sell had been passed.
“Eighty per cent of shareholders voted in favour to divest the business,” he said. “The changeover will happen this week.”
Perry Group intends to concentrate on building its network of Nationwide Crash Repair Centres and the parts distribution business.