2 June 2023
BAILIWICK INVESTMENTS LIMITED
(“Bailiwick”, the “Fund” or the “Company”)
Agreement to sell Jacksons Group
The Board of Directors of the Company hereby announces that, on 1 June 2023, its portfolio company The Octane PCC Limited acting in respect of the Octane Cell (“Octane”) entered into an agreement to sell Jacksons Group Limited (“Jacksons”) and its operating subsidiaries to Van Mossel Automotive Group (“Van Mossel”).
The Company is wholly supportive of the sale, which is being transacted at a value that represents an increase on the value at which the Company’s interest in Octane is held in the net asset value as at 31 March 2023.
Van Mossel is a pan-European automotive group with 349 branches in the Netherlands, Belgium, Germany, France and Luxembourg. It employs more than 5,200 people and achieves annual sales of approximately €4.5 billion. Van Mossel’s investment and expertise, built up over 75 years, is expected to further enhance Jacksons’ performance and service offerings, with all Jacksons employees being retained.
The Company first invested in Jacksons in December 2014 and currently owns 39.5% of the ordinary share capital in Octane. Jacksons has grown to become the largest multi-brand motor dealer group for Jersey, Guernsey, the Isle of Man and the Isle of Wight with a portfolio of 29 brands. Jacksons delivered another impressive performance in 2022, generating operating profits in excess of its budget for the year, and in line with the prior exceptional year.
The Board believes that now is the right time to sell Jacksons following a number of years of strong performance.
Octane will enter into commercial leases with Van Mossel of the properties it owns from which Jacksons operates, and shareholders, including the Company, will decide in due course whether to hold or sell those properties.
The Company will make a further announcement on completion of the sale of Jacksons.
Enquiries:
Ravenscroft Specialist Fund Management Limited ircf@ravenscroftgroup.com
(Investment Manager) +44 (0)1481 732746