Euro Car Parts Not For Sale Despite Reports
Representatives of Euro Car Parts, a leading British aftermarket distributor, have rebutted reports over the weekend that the business is up for sale. According to reports posted on thisismoney.co.uk, the founder of Euro Car Parts, Sukhpal Singh had appointed adviser Robert W Baird to conclude a sale could see him receive “more than £200 million” from a total price of up to £250 million. This report pointed out that Sukhpal Singh started the company with £5,000 in an outlet in north London and has recently seen profits triple to £17 million compared with £6.6 million the year before on sales that increased from £145.1 million to £186.9 million.
However, the company’s press representatives said the report’s conclusions “couldn’t be further from the truth” and even questioned the above sales and profit figures. They confirmed that the company has “definitely not been put up for sale and is currently experiencing record trading.” On the subject of Robert W Baird’s involvement the added: “Robert W Baird is an investment company, which has been working with Euro Car Parts for almost 18 months now, exploring ways of expanding the business organically.”
From their perspective this year’s turnover is up by 30 per cent. In 2009, profits before tax grew by 164 per cent to £17 million, while revenue increased by almost 30 per cent to £187 million. According to the company, last year Euro Car Parts, which employs about 2,000 staff at more than 70 branches, posted its most successful year of trading since it was founded more than 30 years ago.
In March, the firm announced plans to open a 400,000 square foot distribution centre in Tamworth, Staffordshire.