AM Online

Bartlett in Glenvarigill MBO move

Glenvarigill managing director Tim Bartlett is understood to be heading a management buy out team poised to take control of the Edinburgh-based dealer group from parent Drambuie.

The £134m turnover group, at No 49 in the AM100, specialises in prestige franchises and has 21 outlets. After recent losses, it is forecast to return profits of £1m this year.

The MBO, expected to be completed by the end of the month, would give Bartlett more freedom to develop the business with key partners including Volkswagen, Audi, ChryslerJeep and Honda. Glenvarigill also holds exclusive franchises in Scotland for Ferrari, Maserati and Jensen. Its Honda dealership in Aberdeen was awarded new start business silver in the AM Awards 2002. Drambuie issued a statement confirming plans to get out of motor retailing in order to focus on its core drinks business. It says talks are progressing well with Glenvarigill management.

“These discussions form part of our strategy of focussing substantial investment on sales development and brand building in our liquor business,” says Drambuie joint managing director Malcolm MacKinnon. Analysts believe the buyout should raise about £10m for Drambuie.

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