Sold!

Thursday 13 November 2014

The Channel Islands’ biggest motoring business has been bought out by investors in a £41.7 million deal announced last night.

The deal by Ravenscroft Investments PCC Limited will see them take over the Jacksons and Motor Mall dealerships in Jersey and Guernsey, as well as Trinity Tyres in Jersey and St Martins Tyres in Guernsey.

The business runs dealerships for a range of car manufacturers, from Audi, Aston Martin and BMW to Skoda, Suzuki and Volvo, as well as a major second-hand car sale business.

Under the terms of the deal, Tom Scott – the son of the late Tom Scott Sr who ran Channel Island Traders – will remain on the board of the company, and the management team led by Paul Collier will continue to run the business.

The deal has yet to be approved by the Jersey Competition Regulatory Authority and the Jersey Financial Services Commission.

Last night, a statement from Bailiwick Investments Limited – which will hold a minority stake in the investor group taking over the motoring company – described the Jacksons CI Group as “an iconic and well run Channel Islands business” with “top quality management and good growth prospects."

A statement released last night by Mr Scott said that the new owners had committed to further investment in the business.

He said: “My family and I have a long association with both Jacksons and the motor trade, and so our decision to sell has not been taken lightly.

“It is clear that the purchasers are committed to investing further in the business to ensure its on-going success, and most importantly to keep it at the forefront of motor retail in the Channel Islands. 

“We are confident that we have found the right custodians to work together with the strong management team and take forward a business that our family has built up over the last two decades.”