AM Online

Sytner moves to acquire rest of Wm Jacks

William Jacks chief executive John Adair is to retire in April, provided the sale to Sytner of the southern England dealer group goes through without a hitch.

Chairman Dato’ Kay Hock, Datin Tan Swee Bee and Lam Yue Pak – all from the Malaysian parent company Johan Holdings Berhad ­– are expected to leave the William Jacks board as soon as Stock Exchange formalities are completed.

Managing director Michael Dodds has been asked to stay on until at least the end of this month to assist with the integration of Jacks within Sytner.

Sytner acquired a majority 69.4% stake in William Jacks in September. A further offer for the balance of the equity was agreed by both parties last month.

William Jacks, No45 in the AM100, had a turnover of £185m and represents eight carmakers on 17 sites. In its interim results posted in July, the group reported a debt of £900,000, tangible fixed assets of £8m and assets of £6m.

Sytner is fourth in the AM100 with a turnover of £1.6bn. It has 88 sites and represents 18 carmakers. Combined turnover will exceed £1.8bn.

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