Micheldever Tyre Services Sold in Management Buyout
As a result of the buy-out Paul Fox and Richard Sawney are joining the team as chief executive and finance director respectively. The new appointments bring more than 50 years of automotive industry experience between them. New chairman Michael Boxford is another addition to the company. Boxford has reportedly chaired other Graphite investments including Paperchase and LS Group. Micheldever’s new management made a point of stating categorically that, contrary to some industry rumours, the company will remain independent and will continue to be “the champion of the independent tyre retailer.” But there were other interested parties. Tyres & Accessories has learnt that the company turned down an approach from leading retailer, Kwik-Fit. Tony Todd is said to have made it clear that he was loyal to his existing staff and customers by telling Kwik-Fit representatives that Micheldever was not “for sale to Kwik-Fit at any price.”
Owner uninterested in Kwik-Fit bid
According to the company, the new management team’s “formidable depth of experience cannot be matched anywhere within the UK Tyre industry.” All of the senior management team have personally invested in the business and are said to be very excited about the prospects ahead of them. Micheldever reports that it now supplies more than 4 million tyres each year to its customers through its national network of wholesale distribution centres. New joint-owner Alan Baldwin told T&A that customers could rest assured that it was “business as usual” for the company following the announcement. Looking ahead, the management team says it will focus on developing the existing distribution warehouses to full maturity, expanding the wholesale reach geographically and exploring opportunities to develop the other parts of the distribution network – “Micheldever strongly believes in the maxim “if it ain’t broke don’t fix it,” the company explained, adding that the wholesaler will “not be opening Micheldever accounts with every garage, taxi firm or paint shop that thinks they can fit a tyre!”
The obviously pleased management team also extended its best wishes to Tony Todd who will continue to take an interest, providing his experience and support to the business. Micheldever also thanked all its customers for their “tremendous support” over the years.