We Buy Any Car owner endorses TDR's £1.9bn bid to go private

BCA Marketplace, the company behind We Buy Any Car, has received a £1.9bn bid for the group from private equity house TDR Capital.

Bosses at BCA Marketplace have recommended that shareholders accept the offer, which will go to an investor vote.

The 243p-a-share offer is 25% higher than the share price before BCA revealed it was in advanced talks with its suitor.

Last Week Sky News exclusively reported that TDR, owner of David Lloyd Leisure, was in talks about a £2bn takeover, and was close to agreeing a 243p-a-share offer with BCA's board.

Confirming its acceptance of the bid on Wednesday, BCA said: "The offer from TDR gives shareholders the opportunity to receive cash at a significant premium to the prevailing share price and will allow BCA to develop its business as a private, unlisted company."

BCA said We Buy Any Car revenues passed the £1bn threshold in the year to 31 March, for the first time since its launch in 2006.

TDR Capital said: "BCA is a high-quality business that operates in a market that is changing rapidly, driven by evolving customer demands and digital disruption.

"We are highly supportive of BCA management and believe that with the right investment and support, BCA can continue to grow and evolve its market-leading automotive aftermarket services offering for the benefit of its customers, employees and partners."

The proposed takeover of the FTSE-250 company comes a year after an approach to BCA from Apax Partners ended without a deal being agreed.

BCA shares were up 2.5% in midday trading on Wednesday, having floated in 2015 through a reverse takeover by Haversham Holdings at 150p a share.

The company operates the largest transporter fleet in the UK, and provides vehicle management services ‎to a range of corporate clients.

Expansion into new overseas markets has made it Europe's largest vehicle reseller.