8:54 am, October 4, 2008
MITSUBISHI UK’s parent, The Colt Car Company Ltd, is now 100 per cent owned by Japanese giant, Mitsubishi Corp.
This follows the sale of Colt Automotive Ltd owner David Blackburn’s 51 per cent shareholding.
Final contracts have just been signed, and mean CCC is now a wholly-owned subsidiary of among the world’s largest companies.
Which can only be good news, a spokesman told us. Dealers have nothing to fear. There will be no major changes – it’s very much business as normal.
But, looking forward, the deal enables the company to adopt a more structured, forward-looking approach, without the need to hunt for short-term, shareholder-pleasing profit.
Investment in the business, Car Dealer was told, will mean one better geared for future growth. Mitsubishi Corp has a history of supporting its businesses, which includes parts manufacturing, vehicle assembly, sales and automotive finance.
Jim Tyrrell will continue as chief executive, but Stephen Blackburn will resign as executive director. Frank Hirst and Michael Lang are also to leave the company.
