Fleet Auction Group
“John helped us to raise the finance to start up the Fleet Auction Group, so when we were approached by a party wanting to take a stake in the business, we naturally turned to John for advice. It was a complex deal, not least because we were dealing with a Kuwaiti investment house being advised by merchant bankers and lawyers from New York, Canada and Dubai.”
“John’s advice was consistent, measured and of the highest quality throughout. His appetite for the job didn’t wane even when we went well beyond the original timetable. Trust was also an important factor. There were seven of us on the board at Fleet and John was someone we all felt we could rely on.”
Martin Betts, co-chairman
Fleet Auction Group Limited, an award winning business that started in 2002, auctions vehicles with a total value of over £150m per annum from its state-of-the-art facility in Coalville, Leicestershire.
When Fleet was approached by Ijara House Holdings of Kuwait, Skye Corporate Finance was appointed by Fleet to negotiate, structure and project manage a deal whereby Ijara acquired a 50 per cent stake in a multi-million pound transaction.
The geographic spread of the parties involved and the cultural differences proved to be a challenge. There were some very technical aspects surrounding business valuation techniques and Islamic finance all of which needed to be managed by Skye Corporate Finance.
The deal secured an attractive, initial return for the original investors with the financial strength of Ijara seen as key to supporting Fleet’s growth plans, bringing forward investment in new auction sites not only in the UK but also in the Middle East.