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Glenvarigill in MBO from Drambuie

Dealer group Glenvarigill has been sold to a management buy-out led by managing director Tim Bartlett and finance director Gavin Manson for an undisclosed sum. The purchase from liqueur firm Drambuie had been expected to be completed by May, but was delayed while funding was finalised.

The £134m turnover operation, based in Edinburgh, has been expanding rapidly over the past year, focusing on prestige marques like Porsche, Volkswagen, Audi and Chrysler Jeep. It jumped from No 78 in May 2001 to No 49 in the latest AM100 listings.

“Glenvarigill is focused on delivering results for our customers, staff and investors,” says Bartlett. “We now have a £40m facility in place to allow us to expand and improve the range of services we offer.”

The company will open new showrooms this year for Chrysler Jeep, Seat and Peugeot, and a specialist centre for Ferrari, Maserati and Porsche.

“We hope that towards the end of 2002 we will have added an additional luxury marque to our range,” adds Bartlett. “This reinforces our belief that the MBO will have a positive effect on our business.”

He has reorganised the board and management structure to enable the company to respond quicker to customer and manufacturer demands and expectations. Glenvarigill says it is “well ahead” of its projected turnover target this year of £155m, and expects to return profits of around £750,000, up from £655,000 in 2001. The group's performance follows four years of losses in the late Nineties.

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