Classic car parts distributor sold to counterpart

A Leicestershire-based distributor of parts for classic Rover and MG cars has been sold to the Leacy Group.

XPart works with a large number of distributors and garages right across the UK and Europe which sell directly to the general public and is the original provider of parts for MG and Rover cars, and is key to ensuring modern classic models remain on the road.

The deal is part-funded by a £1.6m Bibby Financial Services (BFS) asset based lending facility and will enable Perry Barr-based Leacy Group to acquire XPart in full.

Ian Grubb, financial director at Leacy Group, said: “XPart is the original provider of MG and Rover car parts and the finance package we have agreed with BFS has enabled us to access working capital in order to acquire the business.

“Furthermore, the Foreign Exchange services available are an added benefit, enabling the business to effectively manage currency risk.

“The Corporate team at BFS got to know our business, what we were looking to achieve, and this enabled them to structure an ABL package that leveraged the businesses assets effectively, while protecting against currency risk.

“Ultimately, it was BFS’s desire to understand our business, coupled with the speed of service, which led to the winning formula we now have in place.

“XPart is a great addition to our portfolio and we are looking forward to developing the business as part of the Leacy Group.”

The deal was structured by Chris Farnworth, Corporate Manager at BFS.

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