The directors of vehicle preparation firm Autoclenz have acquired the business in a ‘multi-million pound’ management buyout.
Autoclenz had been a public company since listing on the London Stock Exchange’s AIM in 2005.
Although revenue grew year on year, the share price underperformed the AIM, prompting the management to approach the PLC in early 2012.
With the support of two external investors, the return to private ownership was completed at the end of 2012.
CEO of Autoclenz, Grahame Rummery commented: “We are delighted to have completed this transaction.
“The substantial savings made from not being a PLC will be re-invested back into the business, to allow us to further improve our service offerings and strengthen our infrastructure.”
Autoclenz is currently undergoing an extensive rebranding, with plans in place ‘to acquire the latest technology for product development’.
Its customers include Black Horse Motors, T C Harrison Group, Sandicliffe Group, British Car Auctions, Europcar, Elms BMW, Trust Motors, Howards Group and Avis.