East Anglian dealer group RC Edmondson last week underwent a management buy-out for an undisclosed amount. The management team was advised by Grant Thornton Corporate Finance, with financial backing from Ford Motor Credit and NatWest bank.
The £40m turnover group, renamed EMG Holdings, has three Ford dealerships - Bury St Edmunds, Suffolk; Thetford, Norfolk; and Spalding, Lincs - alongside the World of Cars used car superstore at Bury St Edmunds.
Ian Barrett, EMG chairman, said: “We had an opportunity to expand with Ford and felt that was the right thing to do. We have a close relationship with Ford and received tremendous support from them and NatWest. The MBO allows us to concentrate on this side of the business.”
The management team includes Paul Ranson and Nick Storey as joint managing directors and Rodney Crowfoot as human resources director.
They will be supported by Henry Barrett, former chairman of RC Edmondson, and Brian Harrison, former finance director of the Coal Board, as non-executive directors. (December 17, 1999)