Isuzu Motors acquired the total shareholding on March 1 for an undisclosed amount.
Nikki King, ceo of ITUK, said it was “logical” for the firm to join its “natural family” and be given the tools to continue recent growth.
“This is the ideal time for us to sell the company shareholding to Isuzu. I wanted to secure the future of the company and the business is in great shape, we’ve just celebrated a stunning year’s performance,” said King.
Last year ITUK recorded a sales increase of 13%, with a turnover of just over £24M. The firm has established a nationwide group of 60 dealers located throughout England, Scotland and Wales.
Non-executive capacity
King will stay on as md until August to ensure a smooth handover and it is expected she will have some involvement in a non-executive capacity after leaving the group.
Isuzu’s Masayuki Murata will become chairman of the company and will divide his time between the UK and Belgium where he retains his role as chairman of Isuzu Europe.
“This has been a very exciting acquisition for Isuzu,” said Murata. “To have a wholly owned distributor in Europe gives Isuzu a fantastic opportunity to gain an even greater understanding of the UK and European markets.”
This is the second wholly owned distributor that Isuzu has acquired, following the purchase of Isuzu Australia in 2005. Isuzu Motors produces about 400,000 light to medium weight commercial vehicles every year and its products sell in most countries throughout the world.
‘Unexpected present’
ITUK currently employees 53 people at its headquarters in Hatfield, Hertfordshire. King said that not only will there be no redundancies, but all staff will get an “unexpected present”.
The company ̶ formed in 1996 ̶ managed to successfully negotiate a management buyout from motoring organisation RAC in 2004, with Isuzu Motors retaining a 15% share in the company.
“When we bought the company we offered share options to all of our employees at the time,” said King. “We are delighted that through the sale of the company to Isuzu many of our long-term employees will benefit with a surprise cheque of at least four figures.
“To have the strength and power of a major international company behind us is fantastic. To know the company is safe with an exciting future and all the wonderful people who have worked so hard for us can be secure in their employment with the potential to pursue a wider choice of careers, is really mind-blowing,” she added.