HR Owen the subject of a takeover bid?

Neville Crichton, governing director of the Australia-based firm Balverona, has increased his holding in the company to just over 27 per cent and is considering upping his stake, according to press reports.

Balverona has gradually built up its shareholding in the luxury dealer group, ranked 31 in the Motor Trader Top 200, close to the 30 per cent threshold that would require it to make a public offer.

Crichton said the company interests him as it falls under the same umbrella as his business in Australia.

His most recent shares in HR Owen were acquired through his holding company Balverona, which owns Ateco Automotive, an importer and distributor of premium car brands in Australia and New Zealand.

Speculation has surrounded a possible purchase of HR Owen for the past two years.

HR Owen chief executive Nick Lancaster considered his own bid in 2006 and talks with a third party last autumn, believed to be balverona failed to result in any takeover.

Persistent talk of a takeover has done little to harm the group’s share price, however.

The latest European Auto Retail and Services Stockwatch report by financial analyst Houlihan Lokey, found that HR Owen had seen its stock rise as speculation of a bid for the group persisted.

Its current share price stands at 147.5p.