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Mitsubishi Corp takes over UK importer

Mitsubishi’s UK importer, Colt Car Company, has been bought by the Mitsubishi Corporation.The distribution giant, which already held a 49% stake in Colt Car Company, has bought the remaining 51% shareholding.

David Blackburn, owner of Colt Automotive Limited, which held the majority 51% stake, has now retired.

The deal was part of an agreement between Mitsubishi Corporation and Blackburn dating back to 1974, when he set up Colt Automotive.

His son, Stephen Blackburn, who also held a managerial position, is no longer involved.

Jim Tyrell remains in charge and becomes Colt Car Company chief executive. He said the buyout would not mean any change in procedure for dealers. 

However, he added, the move would mean the company losing its family feel and having to conform to the rules set by the Japanese stock exchange.

On the positive side, Tyrell said Mitsubishi Corporation was “a very healthy and wealthy organisation”, adding to stability and making borrowing easier. 

There will be no change in approach from Colt Car Company, said Tyrell. This includes no plans to withdraw from its wholly-owned Colt Mid West dealer group.

The new board consists of Tyrell and management from Europe and Japan.

Tyrell stressed that the buyout did not involve Mitsubishi Motors, which is a different company to the Mitsubishi Corporation.

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Comments

  • A dealer - 06/12/2012 23:50

    What a load of rubbish...can u believe it...

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