Shares in Haversham Holdings, an acquisition vehicle set up by the former chairwoman of Stobart Group, will be suspended this morning as it closes in on a City-backed £1.2 billion takeover of Europe’s largest used-car dealership.
Avril Palmer-Baunack’s group is raising the funds to buy British Car Auctions, which runs the webuyanycar.com website. The two companies are in advanced talks.
The sale, akin to a reverse takeover, will mean that BCA becomes a listed business five months after its private equity owners pulled a float because investors baulked at the valuation. The abandonment of the BCA float came after Miller Homes, Aldermore and Virgin Money also cancelled listings.
Haversham was floated weeks later when it raised £30 million to hunt down deals of about £1