Breaking news: ECP in running for Unipart Automotive rescue deal

Breaking news: ECP in running for Unipart Automotive rescue deal

Following the earlier announcement that Unipart Automotive was on the verge of bankruptcy, it has since been reported that the company is now close to securing a rescue deal – with rival distributor, Euro Car Parts, reported to be a front runner in any proposed deal.

It was announced this morning that Unipart Automotive filed an intention to appoint KPMG as administrators, but the owners have now commented that they are hopeful of reaching a deal for a takeover of the business from shortlisted bidders.

The identities of two of the potential bidders have been revealed, with Euro Car Parts and investment fund Better Capital, named as two of three leading candidates by sources at the Financial Times.

Commenting on the FT website, Mark Dixon, Chief Executive of Unipart Automotive, said: “I can confirm that Unipart Automotive Limited is currently in detailed discussions with three parties in respect of the sale of the business. We are very hopeful of concluding this transaction in the next 36 hours.

“A notice of intention to appoint administrators has been filed, but merely with the intention of protecting Unipart Automotive while we complete this sale process.”

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