Subaru and Isuzu importer International Motors has completed its takeover of Mitsubishi’s UK aftersales business, it was announced today (Jul 26).
Advanced talks were revealed to be taking place in May, with the two firms in the final stages of the due diligence process.
Now International Motors – which is part of the IM Group – says it has completed the deal, for an undisclosed sum, with the purchase set to take place on October 1.
The new subsidiary will be called I.M. MAPS (UK) Ltd. However, it will continue trading under the Mitsubishi Motors in the UK banner.
The existing Mitsubishi aftersales team will transfer, still headed up by current aftersales director Toby Marshall.
International Motors said Mitsubishi drivers could continue relying on their local Mitsubishi dealer for aftersales support, and it’s anticipated that most of the Mitsubishi’s remaining UK dealers will become Mitsubishi service centres this autumn.
But although International Motors says Mitsubishi’s UK aftersales business will continue from its current Colt Car Company base in Cirencester as an independent operation within IM Group, the entire six-acre Mitsubishi complex in Gloucestershire is being advertised for sale or let by Bristol-based Russell Property Consultants.
It comprises offices, a warehouse plus a training academy, as well as having a 24-bedroom hotel, gatehouse and garages plus 210 parking spaces.
The practice adds that the site is also suitable for redevelopment.
Mitsubishi announced out of the blue last July that it was withdrawing new model launches from Europe and MD Rob Lindley told Car Dealer at the time that the news had comes as a shock.
SsangYong was previously a potential suitor but the talks were called off after the firms couldn’t agree on the price.
It subsequently said it would launch two Renault-based models on the continent as well as continuing to sell its Eclipse Cross SUV there.
Mitsubishi has been winding down its operations in the UK and is likely to have stopped selling new cars here by this September.
Many of its former dealer network have since signed up with Isuzu or Subaru or joined other brands after the announcement was made.
IM Group managing director Andrew Edmiston said today: ‘Mitsubishi is a wonderful brand with a great reputation for excellent products and outstanding customer service.
‘Through the professionalism of the dealer network, customers have come to expect the very highest levels of service.
In this new era of ownership by IM Group, a company with customer service at its heart, customers can expect no less commitment from their Mitsubishi dealer than they have experienced in the past.
‘We will ensure all Mitsubishi dealers have the support they need to continue to deliver this. IM Group are pleased and proud to represent Mitsubishi Motors in the UK.’
Rob Lindley, managing director of the Colt Car Company, said: ‘The completion of this deal ensures the long-term future for Mitsubishi aftersales in the UK.
‘Operating within the IM Group, Mitsubishi Motors in the UK will continue to deliver the excellent standards of aftersales care, parts supply and vehicle warranty that our customers have experienced and will continue to provide to our UK customers for many years to come.’
Mitsubishi recently auctioned off its heritage fleet, which brought in more than £625,000, pictured at top.