Tue, 18 Jun 2013 | MBO/MBI
The management at HBC Vehicle Services have undertaken a management buy out of the Essex-based business.
Founder Terry Holding has sold his business to a small team headed by managing director
Steve Hankins. Together the members of the team have already served over 50 years at the business.
Set up in 1964 HBC provides vehicle services and salvage, including salvage collection and disposal services for leading insurance firms, fleet and accident management businesses in the UK. It has a fleet of 50 transporter vehicles and can handle jobs of various sizes.
Operating from Canvey Island in Essex and with 120 staff, the firm works across the UK and was the pioneer of on-site vehicle auctions and online auctions.
In a statement Mr Hankins noted, “HBC has a fantastic future and the Management Team are delighted to have completed this transaction. This deal represents a marvellous opportunity for us. We have great confidence in the business and its people and are well positioned for organic growth. The board and all our staff at HBC has a strong understanding of our customers’ needs and the many strengths that exist within our business.”
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