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HR Owen, the luxury car dealer, has announced it has received an offer for the group from an external party which could lead to a formal takeover bid.
The company said an “indicative offer” had been tabled and a further announcement would be made “when appropriate”.
Upturn: The group’s Jack Barclay division has performed well
It is unclear whether it is an individual or a company that has made the offer.
Interim results
Meanwhile, the dealer group has also announced its interim results to 30 June.
Turnover from continuing operations rose 33 per cent to £78.9m year-on-year and profits from continuing operations, before tax and exceptional items, rose to £1.9m from £200,000.
The group said it had benefited from its disposal strategy, which saw it sell off its volume brands to concentrate on luxury marques.
“The board feels confident that its recent strategy of downsizing to a smaller and fitter operation has greatly improved the prospects for the group,” said JP MacArthur, HR Owen chairman.