Cambria Automobiles has taken another step towards private ownership after announcing its intention to stop trading on the stock market as a listed company by October 13.
The move follows the successful £82.5 million takeover of the business by chief executive Mark Lavery, which exceeded the 75% acceptance rate needed to succeed earlier this week.
Cambria is expected to cancel its listing and trading on AIM, a sub-market of the London Stock Exchange after 7am on October 13.
The business will then be re-registered as a private company as soon as possible after the delisting.
In an interview with AM last month, Lavery said that funding the £82.5m takeover offer for Cambria had “not been easy”, explaining that the cash had been generated from a combination of bank debt and £2.5m of personal funds.
Explaining part of his reasoning for the move, he said: “Over the past 11 years we have employed stockbrokers and market analysts and dedicated millions of pounds and hundreds of man hours to let the market know about the business we built.
“Cambria doesn’t set the share price, the shareholders do, and the truth is that they just haven’t got it. The value that we see in the business has not been realised.
“I feel like I’m wasting my time and a lot of money.”