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Background

Euro Car Parts, the market-leading supplier of automotive parts to independent garages, acquired its largest competitor, Andrew Page, in October 2016. The merger prompted an investigation by the Competition and Markets Authority, which concluded in October 2017 that the transaction would significantly reduce local competition in nine areas across the UK. The CMA therefore instructed Euro Car Parts to dispose of a depot in each of these areas.

Hilco Capital’s purchase of the nine branches, along with two additional Andrew Page depots which sat outside of the CMA process, was approved by the CMA and completed at the end of August 2018.

ASAP
ASAP

Hilco Capital’s role

  • Provided working capital facilities
  • Established the ASAP brand and website
  • Rebranded the 11-store estate from Andrew Page to ASAP within one month
  • Secured ongoing supply for all automotive parts
  • Introduced new, complementary product categories
  • Reviewed depot hours, filled vacancies and implemented staff training programmes
  • Negotiated lease agreements with all landlords and retained all depots
  • Introduced meaningful KPIs to all branches and helped set achievable targets

Results

  • Business successfully extracted from parent organisation on an accelerated basis
  • Branch incentives realigned to promote margin preservation and developing new revenue growth
  • Hands-on management of all branches to assess and improve performance
  • Property overheads reduced
  • Significant success in growing the Commercial Vehicle market across all CV depots
  • Business achieved a positive cash flow position within one month of trading
  • Historic customer base largely retained with several new accounts signed up to ASAP supply
ASAP