Unipart Group has released a statement regarding Unipart Automotive – the car parts and accessories company that it sold in 2011.
It was recently announced that Unipart Automotive, the business controlled by H2 Equity Partners (“H2”), has been placed into administration.
John Neill, Chairman and Chief Executive of the Unipart Group, said: “We are saddened by the Unipart Automotive situation and even though we sold control of this business years ago, we are concerned for the future of the employees.”
“We have recently been able to work constructively and collaboratively with Andrew Page and are pleased that they have been able to save 33 branches and around 350 jobs. They have a strong reputation for selling high quality products and brands and we look forward to making available a supply of high quality Unipart branded products to Britain’s car owners and Unipart Car Care Centres.”
The Unipart Automotive distribution business, previously known as Partco, was sold by Unipart Group in 2011. Unipart Group retained a passive equity stake, and a condition of the sale was that Unipart Group exercised no control over the business.
Unipart Automotive progressively established itself as a stand-alone entity with the exception of some distribution services provided by Unipart
Group. Less than 1% of Unipart Group employees provided services to Unipart Automotive. Unipart Group anticipates that it will be able to offer redeployment opportunities as the Group is experiencing growth elsewhere.
“We are continuing to grow our core long term businesses and will be making some important announcements regarding new clients in the coming weeks,” said John Neill.