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Glenvarigill MBO director quits and sells out to MD

One of the two senior executives who led the £20m management buy-out of Edinburgh-based retail group Glenvarigill from drinks firm Drambuie has sold his shares to managing director Tim Bartlett.

Finance director Gavin Manson has walked away from the luxury and high performance group to follow a career in a “transaction-based environment”. His decision comes as the company is on course for record profits this year.

“Gavin came on board in 1999 and was a key part of the MBO process,” Bartlett says. “But since the completion of the deal he decided he simply did not want to take on an operational role.”

Bartlett now has now doubled to 80 per cent his stake in Glenvarigill, which is expected to turn over £183m this year up from £159m in 2002. The remaining 20 per cent is held by the Bank of Scotland.

Glenvarigill has now officially opened a new Bentley showroom at its 2.5-acre Fort Kinnaird site in Edinburgh which will serve the east of Scotland. The opening comes after months of negotiations – Glenvarigill won an intense battle with a number of rival groups eager to gain the prestige franchise which is expected to sell 24 cars in the first 12 months.

“In my view Bentley is a brand which should be represented by us,” Bartlett states. “There is no question we are positioned as being the leading sports car and premium group in Scotland so I think it is entirely correct that it should be part of our portfolio. “We believe it will be a very nice fit with the other brands like Porsche, Ferrari and Maserati we have at Fort Kinnaird.”

Glenvarigill is Scotland's third-largest retail group. Its 11 franchises, held at 21 sites, also include Audi, Caterham, Renault, Peugeot and Seat.

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