New bidder drives in for Quicks

MOTOR dealer Quicks is in takeover talks after receiving an offer pitched higher than the one put forward for a chunk of its stock by Sir Ron Brierley, best known for his corporate raids in the 1980s.

Brierley's Guinness Peat Group, which has a stake in several other car distributors, said on Friday it wanted to lift its interest in Quicks from 20.8% to 29.9% through a tender at up to 85p a share.

But Quicks said it had now received a takeover bid pitched at a premium to GPG's tender. It refused to reveal the suitor, but the firm's heavy reliance on Ford means any successful bidder would almost certainly have to come from within the industry.

Quicks also said it had learned that Warren Holdings, which took a 25.2% in the company late last year, was connected to the family of fellow car dealer CD Bramall.

GPG has a reputation as an active investor which often pushes for significant changes at management and operational levels. It has a string of interests in the vehicle distribution business, including 26.3% of Ryland and 16.3% of Perrys. It built a 16% interest in Inchcape last year, but has cut its holding to less than 3% after failing to break up the group and return cash to shareholders. Quicks' shares rose 4 1/2p to 88 1/2p.