Andrew Page acquires Solid Auto (UK) Ltd
Andrew Page has bought Solid Auto (UK) for an undisclosed sum as part in a bid to become Britain’s leading distributor of Japanese and Korean car parts after as well as a growing player in general.
According to the company, the acquisition will also strengthen Andrew Page’s sourcing capability in China and the Far East. Chairman Jim Sumner said: “Birmingham-based Solid Auto has established a very good reputation as a specialist supplier over the last three decades”.
Japanese and Korean cars make up around 20 per cent of the UK car market. Jim Sumner said: “We are very strong in American, UK and European marques. There is a very good growth opportunity for us in Japanese and Korean car parts. We are actively pursuing a differentiation strategy. Our key brands are increasingly differentiated from what competitors are offering and acquiring Solid Auto drives that further. Our goal is to be the UK’s leading specialist Japanese and Korean car parts player.”
Andrew page sales up 12%
Andrew Page, which is owned by Colton Mill Holdings, has also published new annual results showing a 12 per cent increase in turnover to £192 million. In the first full year since its refinancing in 2014, the company reported a doubling of core pre-tax profits (EBITDA) to £9.6 million in the 12 months to 30 September 2015. “We are delighted with the trading performance,” said Mark Saunders, chief executive. “It is the result of a lot of hard work by the whole team at Andrew Page for which I am very grateful.”
Andrew Page invested £15 million in the last financial year as it prepares for growth in turnover and profitability. It has also invested nearly £8 million in a 500-strong fleet of new vans. These are installed with the latest telemetry systems. Mark Saunders said: “It’s amazing the message this sends to our market place when they see shiny new vans turning up.”
The company also invested more than £1m in a adding a new telephony system across the business, which has 108 sites and 2,300 staff. In addition it has increased capacity by 40 per cent at its central distribution centre at Markham Vale, off the M1, boosting its ability to constantly refresh its stock and serve the online market and expanding network of retail outlets.
And finally, Andrew Page has invested £500,000 in a new online platform retail.andrewpage.com and mobile phone technology to feed changing consumer demand. Finally it added 21 new sites with the acquisition of select assets from Unipart Automotive in July 2014.
Mark Saunders concluded: “You can see the culmination of these improvements in the results, the first since our refinancing. We have a growth strategy, a wonderful distribution network with overnight capability and we remain very optimistic about the future.”