The Cambria Automobiles board has granted its management team more time to complete its proposed management buy-out of the AM100 PLC.
Chief executive Mark Lavery, finance director James Mullins and managing director Tim Duckers were given the green light to explore the possibility of a management buy-out at a price of 80p-per-share on March 22.
Prices had risen from 71p then, to 77p late last week, however, and were trading at 73.6p this morning (April 19).
Cambria’s extension on the proposed MBO has now been extended for further 28 calendar days to May 17.
By that time, the management team will be required to make a firm offer or step back from the approach.
Cambria Automobiles is the AM100 2020’s 24th-placed retail group by turnover and operates the Doves, Grange and Motorparks brands.
Last month, the group reported that it had been “trading ahead” of 2020 in an update for the five month period to January 31, 2021.
The Swindon-based franchised dealer group said that the improved performance had come as a direct result of “COVID-related cost actions taken by the Group in the 2019/20 financial year”.
It has also shown resilience to declining sales through greater margins leveraged by a transition to luxury and supercar sales in recent years.
Among the group’s franchised partners are Rolls-Royce Motor Cars, McLaren Automotive, Aston Martin, Bentley Motors.