Report: Micheldever For Sale For £115 million
Micheldever Tyres Services could be for sale for around £115 million, according to a report in Crain’s Manchester Business. This is nearly half the £200 million figure initially associated with the company when press reports about such a move surfaced in the national press in mid-April.
As of 31 December 2009 Micheldever owners Graphite Enterprise Trust (through investment managers Graphite Capital Management) held total assets of £344.6 million of which its investment portfolio accounted for 67.1 per cent (£231.2 million) and cash and near cash accounted for the balance of £113.4 million. According to company documents, Graphite Enterprise’s Micheldever investment is its number one holding, representing the largest single chunk of its investment portfolio in 2009 (5.3 per cent).
In a news item reporting Axle Group Holdings’ latest financial results Crain’s reported that the £9 billion UK autoservicing and repair market has “seen strong deal activity this year,” suggesting that the possible sale of Micheldever could be next in line after Halfords Group paid £73.2 million in cash for Nationwide Autocentres earlier this year. “The sector is bracing itself for another deal after reports that Hampshire-based Micheldever Tyre & Auto Services has been put up for sale by Graphite Capital with a price tag of £115 million,” the business publication explained.
Tyres & Accessories contacted several Micheldever representatives, but no-one was available for comment.