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.
Specialises in the supply of high-quality and high-performance diving equipment on a national and international basis; it is now for sale.
FREEHOLD
Suppliers of contemporary and modern lighting for the retail, wholesale and contract markets throughout the UK and internationally. Offers an extensive range of interior and exterior lighting products across a wide range of product categories. 80% of...
LEASEHOLD
The shop is ideally located between Bournemouth and Christchurch close to multiple beauty spots. The business enjoys regular all year-round trade from the local community and from those working in the area. Additionally, the business enjoys a signifi...
LEASEHOLD
16
|
May
|
Manx Financial Group to acquire Payment Assist in potential £9m deal | BUSINESS SALE
Manx Financial Group Plc has announced the acquisition of Pa...
13
|
May
|
Assets set to be sold as modular housing joint venture enters administration | ADMINISTRATION
The US House Group modular housing joint venture has fallen ...
12
|
May
|
Bathroom panel firm acquired for up to 9.1x EBITDA | BUSINESS SALE
Bathroom and kitchen products firm Norcros has agreed a deal...
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