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Aston Barclay sold in MBO[/caption]
Auction house Aston Barclay has been acquired in a management buy-out. The full details have not been disclosed, but investment firm Rutland Partners have contributed a ‘significant investment.’
The MBO has been led by new Chief Executive Officer Neil Hodson, who brings 25 years’ experience to Aston Barclay, following stints at Manheim, HPI and Experian.
Glenn and David Scarborough, formerly MD and Commercial Director respectively, will both remain the company’s shareholders as non-executive Directors. The continued investment by the Scarborough family helps keep Aston Barclay’s family-run ethos. Laurence Vaughan is also joining the Board and investing as Non- Executive Chairman. Laurence was previously CEO and is now Non-Executive Chairman of dealer chain Sytner Group.
Aston Barclay’s Glenn Scarborough said: “We are delighted to welcome Neil [Hodson] and his management team as investors in Aston Barclay supported by Rutland Partners. These are exciting times for the remarketing industry and we are confident this support and the investment will enable Aston Barclay to exploit the opportunities for growth the market has to offer.”
“We have really enjoyed working with the Livingstone team on what was an important transaction for us and an exciting development in Aston Barclay’s future. They showed commitment and hands-on support from start to finish and we are grateful for their valuable guidance throughout the process” he added.
The deal was advised on by mergers and acquisitions firm Livingstone Partners.
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