Thu, 20 Feb 2020 | BUSINESS SALE
Online used car service Heycar has purchased the independent motoring advice website HonestJohn.co.uk from administrators for an undisclosed sum.
Peterborough-based HonestJohn.co.uk went into administration last month after encountering cash flow difficulties, appointing Miles Needham and Simon Carvill-Biggs of advisory firm FRP.
Needham and Carvill-Biggs have subsequently led the sale to Heycar. The business was sold as a going concern and no jobs were lost.
Heycar CEO Mat Moakes said that the deal would help forward its aim of improving “trust and transparency for motorists and the industry.”
HonestJohn.co.uk has been operating for around two decades and has millions of site visitors. Heycar was launched in 2019 and has already amassed over 170,000 cars on its site, as well as 3,500 franchised dealers selling via their platform.
Moakes added that: “The independence and strong reputation of HonestJohn.co.uk has been earned through the years and brings great value – just some of the many reasons that this was such an attractive opportunity.
“We will maintain this independence through the formation of a clear editorial code between the two brands, continuing the impartial tone HonestJohn.co.uk’s millions of website visitors and tens of thousands of newsletter subscribers expect. Users of the Honest John forum will not notice any difference.”
HonestJohn.co.uk’s most recent accounts, for the year ending December 31 2018, show it holding assets of over £300,000, with retained earnings for the year at nearly £67,000.
Sales are predominately generated through the company’s comprehensive e-commerce website which enables the business to distribute goods to clients both domestically and internationally.
RELOCATABLE
Well-established within its region, with a superior reputation and multiple clients in several sectors.Prides itself on the successful delivery of projects to an exceptionally high standard, providing an efficient service. Has won a prestigious award...
FREEHOLD
Specialises in the provision of complete gym design solutions, ranging from the supply, installation, maintenance and servicing of premium and high-performance gym equipment.
LEASEHOLD
|
03
|
|
Dec
|
Halfords to acquire £157m-turnover Axle Group Holdings for £62m | BUSINESS SALE
Halfords Group has announced that it will acquire automotive...
|
02
|
|
Dec
|
Staycation M&A surge continues as Midlothian plans £170m Park Leisure sale | BUSINESS SALE
Midlothian Capital Partners is reportedly exploring a potent...
|
02
|
|
Dec
|
Private equity-backed takeovers stabilise in third quarter | BUSINESS NEWS
The latest Buy and Build Barometer from Rickitt Mitchell has...
Sign up to receive our acquisition alert emails to get your FREE guide
|
07
|
|
Oct
|
Cleveland Bridge assets to go to auction next month | COMMERCIAL PROPERTY
It has been confirmed that an auction of the property and as...
|
10
|
|
Sep
|
Cleveland Bridge property and assets to head to auction as search for a buyer fails | ADMINISTRATION
Administrators for structural engineering firm Cleveland Bri...
|
08
|
|
Sep
|
Assets for sale as Scottish wind turbine firm enters administration | ADMINISTRATION
Scottish wind turbine manufacturer CS Wind (UK) has fallen i...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources