MBO sees vehicle transportation firm eye further acquisitions
A Chipping Warden-based vehicle transportation specialist is eyeing up acquisitions following a change in ownership.
Ontime Automotive, the Northamptonshire firm which provides transport, storage and vehicle repatriation services to the high-end car market, has secured funding from NatWest to complete a management buyout (MBO).
Managing director and now majority shareholder Justin Brinklow led the MBO, having worked at the family company, which was founded by his grandfather in 1945, since 1991.
Over the next two years, Brinklow aims to grow the business organically, as well as investigating potential acquisition opportunities that would enable the business to expand its services domestically and across Europe.
The vehicle transportation specialist currently employs 110 members of staff across seven sites in the UK and one in Calais. Its client list includes some of the world’s largest prestige car manufacturers.
Brinklow said: “Ontime Automotive is a family business and it’s important to me that I continue to expand the company to the best that it can be. We had great support from NatWest through the entire buyout, making it a really smooth transition and enabling us to now focus on the next growth milestone.
“Our long-term vision for the business is growth through acquisition, but I’m very keen to expand the firm organically first. We hope that through any acquisitions, we can grow our presence in Europe too.”
Scott Curley, invoice finance and asset based lending director at RBS Invoice Finance; Nicholas Wood, relationship director at NatWest; and Divyesh Patel, relationship director at Lombard, supported the MBO.
Curley said: “Justin has big growth ambitions for Ontime Automotive, and it’s great that we’ve been able to support him on this part of his journey. We look forward to seeing what’s next for the company under his management.”