Apax Partners has withdrawn its takeover bid to acquire BCA Marketplace.
BCA Marketplace has boosted operating profits by 17.9% from £74.3 million to £87.6m in its annual results.
BCA Marketplace profit before tax boosted to £41.1 million and group revenue has increased from £1.2 billion to exceed £2bn.
BCA Marketplace has announced its maiden financial results showing the volume of vehicles sold in its UK remarketing operation rose 7.9% in the year to April 3.
BCA Marketplace saw its revenues increase by 20% to £525.8 million, but profits were dulled by its acquisition of SMA Group for £42m this summer.
BCA Marketplace has appointed Tim Lampert as chief financial officer.
A new company has been launched by Avril Palmer-Baunack and investment management firm Marwyn that aims to acquire and develop large businesses in the automotive sector.
Automotive Management Live: Where franchised and independent dealers will find everything they need to know about operating a modern showroom and service and repair facility fit for the digital age.
When: November 12 2020
Where: Birmingham NEC
Find out what features are in this month's, and future, issues