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Balverona, the Australian wholesale vehicle company, has upped its stake in the luxury dealer group HR Owen.
The company has acquired an additional 100,000 shares at a cost of 50p each – it now holds over 5 million ordinary shares, equivalent to a 21.26 per cent share of the voting rights of the company.
HR Owen is back in profit
At the start of the month HR Owen announced that it had received an indicative offer for the group from an external party, which could lead to a formal takeover bid.
Dispoal strategy
While HR Owen’s suitor has not broken cover, Balverona has quickly built up a near quarter stake in the business in just three months.
Balverona first acquired investment company Trefick’s 18 per cent holding in July and completed its latest transaction last week.
HR Owen is a far more attractive investment opportunity since undergoing a business restructure that has seen it dispose of all but its premium brands.
The group’s latest interim results saw it record a 33 per cent year-on-year rise in turnover to £78.9m, with pre-tax profit reaching £1.9m.