The board was informed of the decision by the advisers to the interested party today.
Nicholas Lancaster, HR Owen chief executive, said: “While this unsolicited approach was an encouraging endorsement of our strategy to focus on our luxury and specialist dealerships. "As a board, we are unanimous in our belief that HR Owen continues to have an excellent future and we remain confident that we will, over the coming years, deliver significant shareholder value.”
When the talks were ongoing industry observers believed the anonymous bidder could be the Sytner Group. It already represents several of HR Owen’s brands and fits with the group's strategy of focussing on premium brands.