Cambria Automobiles to abandon PLC status with end of October 13 trading

Cambria Automobiles will officially relinquish its status as a public limited company effective October 13, after CEO Mark Lavery successfully finalized his takeover bid this week.

The AM100 Automotive Distribution Group confirmed, in a statement released via the London Stock Exchange this morning (September 29), that acceptances for Lavery’s £ 82.5million takeover bid closed at 1 p.m. yesterday.

At the close of the offer, the commercial entity Bidco de Lavery held a total of 98,173,362 Cambria shares, representing approximately 98.17% of the total issued share capital of the group, of which 40% held by itself. and his wife, Nicola Lavery.

Bidco will now compulsorily acquire the remaining Cambria shares for which the Offer was not accepted.

Confirming the resulting timeline for the company‘s return to private ownership, this morning’s statement confirmed: “Bidco announced on September 15, 2021 that it intends to have Cambria make claims for Cancellation of the admission to trading of Cambria shares on the AIM market of the London Stock Exchange.

“Cambria has made this request and the cancellation of the admission to trading of Cambria shares on the AIM market of the London Stock Exchange will occur at 7:00 am on October 13, 2021.”

Cambria’s October 14 departure from the London Stock Exchange is expected to end a takeover bid that began in March this year and has met strong objections from US investors.

In an interview with AM last month, Lavery said that funding Bidco’s takeover offer for Cambria had “not been easy,” explaining that the money was generated from a combination of debt. bank and £ 2.5million in personal funds.

He said “I take all the risks now”, adding: “My priority here is the company, its colleagues, our manufacturing partners and the shareholders.

“We are entering a tough time for the industry and going private will allow us to focus on what lies ahead with all the distractions.”

In its latest round of annual financial results, released in November of last year, Cambria reported that its revenue fell 20% during a period impacted by COVID which was “the most difficult period in its history. “.

Annual sales as of August 31, 2020 fell to £ 524million (208/19: £ 677.8million) while underlying profit before tax fell 9.8% to 11.1million pound sterling.

Still, Cambria’s return on sales improved year over year from 1.87% to 2.11%, as the car dealership continues to expand into luxury vehicle franchises such that Bentley and Lamborghini continued to bear fruit.

A month ago, the group released a “cautious” business update in which it highlighted a 3.9% drop in retail sales of new vehicles, a 3% drop in used sales and 3% decline. % of fleet and commercial vehicle sales in the 11 months prior to July 31.

Today AM announced that the group has entered into a franchise agreement to be an official sales and aftermarket supplier for INEOS, selling its Grenadier 4×4 as part of the UK OEM network of 23 locations. .

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