Marshall of Cambridge considers selling stake in Marshall Motor Holdings as WeBuyAnyCar owner Constellation declares interest
Marshall of Cambridge is considering selling its 64.4 per cent stake in Marshall Motor Holdings.
Constellation Automotive Group, the owner of WeBuyAnyCar, BCA and cinch, has asked Marshall if it can participate if the company goes ahead with the disposal.
In a statement, Cambridge-headquartered Marshall Motor Holdings (MMH) said: “There can be no certainty that any formal offer for MMH will be forthcoming, nor as to the terms of any such formal offer.”
Marshall of Cambridge is considering the sale following a strategic review of its business interests, which also includes aerospace and defence and property.
Marshall Motor Holdings’ star is currently very high, following repeated results that have outperformed the market.
As the Cambridge Independent reported in October, it added 48 franchises to the business after acquiring Canterbury-headquartered Motorline Holdings Ltd and its subsidiaries for £64.5million.
Under the Takeover Code, Constellation Automotive Group has until 5pm on December 24, 2021 - 28 days after its interest was announced - to either announce a firm intention to make an offer for MMH or withdraw. The deadline can only be extended with the consent of The Takeover Panel.
MMH, which comprises Marshall Motor Group and Marshall Leasing, announced its partial flotation by means of an initial public offering (IPO) of shares in April 2015. Its listing on the AIM market valued it at the time at £115million.
It has grown rapidly since under the stewardship of CEO Daksh Gupta, with a policy of strategic acquisitions, and it expects its revenues to soar past £3bn following the deal for Motorline. Last year, it achieved £2.15bn in spite of the pandemic.
It would represent a significant moment in the history of Marshall of Cambridge if it was to relinquish its motoring interests.
It was David Marshall, who founded Marshall of Cambridge, on October 1, 1909, in a stable in Brunswick Gardens, Cambridge.
The car hire and garage business was developed by his son, Sir Arthur Marshall (December 4, 1903-March 16, 2007), father of the late Sir Michael Marshall, into a business that included a world-leading aerospace engineering company, which he chaired from 1942-89.