Eddie Stobart’s automotive logistics business – formerly Autologic - has been sold to BCA Marketplace, an automotive support services company best known for consumer brand Webuyanycar.com.
BCA Marketplace was bought earlier this year by an investment vehicle formed by Avril Palmer-Baunack- the former chairwoman of Stobart and chief executive of Autologic.
BCA Marketplace told investors today that, on 25 August, the group completed the acquisition of Eddie Stobart's UK automotive logistics business. The acquired business operates approximately 450 vehicle transporters with strong, long-term relationships with the majority of the leading OEMs and vehicle leasing companies.
It only added that the acquisition, funded from BCA's existing cash resources, will bring extensive logistics expertise, geographical coverage across the UK and the scale and capacity to significantly enhance the existing logistics services within the group.
It is not the first time that Stobart has disposed of assets in its now former automotive logistics division. In December 2014 it sold its enclosed car delivery operations - which trades as Enable - to Acumen Automotive Logistics. In January 2013 it sold its automotive after-sales division, Stobart Vehicle Services, to Paragon Group
Earlier today Stobart Group, which owns 49% of Eddie Stobart Logistics, issued a trading statement that said only that its investment “is trading ahead of prior year” and made no mention of the disposal.
In March Haversham Holdings, an investment group formed by Palmer-Baunack and investment management company Marwyn, acquired BCA Marketplace, the used car auctioneer and reseller for £1.2bn in a mixed cash and share deal.
Stobart bought Autologic for just £12.4m back in August 2012 – instantly making it the largest finished vehicle haulier in the UK. As a result of the deal Palmer-Baunack became deputy chief executive at Stobart Group, before being appointed executive chairwoman in January 2013. She would only stay in that role for three months before Stobart said that the job of executive chairwoman was “no longer appropriate” – despite claiming on her appointment that Stobart needed an executive chairwoman to “meet the challenges and opportunities within our strategy”.
In March 2014 Stobart Group sold a 51% stake in transport division to Douglasbay Capital (Dbay) – the former owners of TDG - for £280.8m. Earlier this year former Tesco Distribution director Alex Laffey became chief executive of Eddie Stobart Logistics with William Stobart becoming executive chairman as a result.
