Following the ruling by the Competition and Markets Authority (CMA) after the acquisition of Andrew Page, Euro Car Parts has confirmed it has now sold the required nine branches to Hilco Capital Limited.
The deal, which also includes two commercial vehicle sites in addition to the nine Andrew Page sites, will see all 11 branches rebranded as Auto Spares and Parts (ASAP) throughout this month. ASAP registered it's current name at Companies House on Monday. Previously it was known as AP Tradeco Ltd. ECP's CEO Martin Gray had been listed as a Director of AP Tradeco, but resigned on September 3rd.
The ASAP brand name is currently used by ECP for part of it's Marine division.
Employees will transfer from Andrew Page to ASAP as part of the sale and will be managed by Tom Clegg who has joined the ASAP business as MD.
Hilco is a financial investor across a range of sectors and hold a diverse range of investments across the UK.
So if i am reading that correctly, they are technically still ECP owned??
No Alan, A.S.A.P are not 'owned' by ECP but only supported by them until everything is in place
Two A.S.A.P branches closed and a new director appointed,there future is looking absolutely radiant. Lets hope they land a buyer soon just so there staff don't have to go through more anymore turmoil
They have just closed a further 5 sites over night. AP will be gone soon