New investors Broker Assistance backed the management buy out and now have a minority shareholding in the company. The change in ownership was completed in late December.
Monaghan says: “We’re now in the position of being able to take MVRA forward, and I’m 100% confident that the change in ownership will ensure that MVRA is the trade body of choice for repairers.
“Equally important is the partnership with Broker Assistance, which enables us to present a complete and attractive proposition to the industry and I’m sure that 2005 will be the year that puts MVRA back on the map.”
Under the terms of the buyout, Monaghan will become chief executive officer and a new managing director will be recruited in the coming weeks.