WeBuyAnyCar owner set to be snapped up for £1.9bn

Second-hand cars website BCA Marketplace, led by Avril Palmer-Baunack, is on course for a £1.9 billion private-equity takeover.

The company, which counts Neil Woodford as a big shareholder, confirmed a Sky News report on Thursday that it was in “advanced discussions” with TDR Capital, owner of gyms chain David Lloyd Leisure.

The offer of 250p, a 25% premium, includes a 7p dividend and is set to be approved by the board.

Woodford’s fund, a top three shareholder, would receive around £136 million from the cash takeover, helping him with his liquidity problems.

BCA is best known for owning the WeBuyAnyCar.com brand.

TDR was co-founded by Manjit Dale and Steve Robertson in 2002 after they earned their spurs at Deutsche Bank’s private equity arm in the Nineties.

A clutch of private equity firms, including Apax and Clayton Dubilier & Rice, were also said to be circling the firm this month.

Last June Apax made two approaches for BCA, one of which was worth around 200p per share. Both approaches were rebuffed by the board.

A month later Apax dropped its pursuit of the company. At the time Goldman Sachs was named as financial adviser. Today’s statement on the TDR talks listed Jefferies as adviser.

The shares rose 22% to 236.8p.