Outsourced car valeting provider Autoclenz Holdings has undergone a successful £4m management buyout.
Through the MBO, Autoclenz and its subsidiary Autoclenz Services have been taken over by existing directors Grahame Rummery and Trevor Clingo and divisional directors Deryck Worrall and Martin Ward. In addition two new investors have joined the team as directors: Adam Reynolds and Paul Foulger.
Autoclenz provides car dealerships and similar businesses with high-quality car cleaning and valeting services.
Following the MBO, the Swadlincote company will look for further market opportunities and focus on delivering a first-class service to its clients as it pursues its UK-wide market growth strategy.
The £4m facility was provided jointly by the Nottingham team at RBS Corporate & Institutional Banking (CIB) and RBS Invoice Finance.
RBS CIB has also become the day-to-day banking partner for Autoclenz.
Trevor Clingo, finance director at Autoclenz, said: "The MBO has allowed the management team at Autoclenz to really focus on growing the business.
We have been thoroughly impressed by the support from the Royal Bank of Scotland and believe that we have an excellent opportunity to develop Autoclenz further into a premier UK brand that Swadlincote can be proud of."
As editor, Tim is responsible for the media content, planning and production of AM's multiple channels (AM print and digital magazines, website, social media and contributing to our events planning). He interviews and writes about as many franchised dealer groups and UK divisions of motor manufacturers as possible, to explore the issues facing UK motor retail and understand what solutions dealers and suppliers are using to overcome these.
iceage - 22/01/2013 16:34
Does anyone know if this company uses illegal immigrant labour like the other operators in this sector? It would be interesting to know if this was part of the due dilligence? How about the TUPE undertaking would this apply to illegal immigrant labour when considering their human rights?