Former New Zealand car salesman and accomplished yachtsman Neville Crichton has hinted he is considering making a bid for big luxury British car dealer HR Owen, after increasing his stake in the company to just over 27 per cent.
Crichton built up his business as a multi-millionaire car
dealer in Australia and started work as a Ford salesman in New Zealand.
He said HR Owen was a company with "extremely good brands".
"I'm not making a takeover bid at this point, but it's certainly worth a premium because the agencies the company has and the reputation Jack Barclay has is like the Harrods of the car business in the UK," he told the Telegraph newspaper in London.
Jack Barclay is HR Owen's Bentley franchise, which has performed strongly on the back of the new Bentley Continental. The company also runs Alfa Romeo, Maserati, Bugatti, Lamborghini, Ferrari and Rolls-Royce dealerships.
Crichton was part of the Team New Zealand bid for the America's Cup in Perth in 1986.
He has been a shareholder of HR Owen for several years and bought his most recent block of shares for around 150p a share, he said, which compares with its latest close of 145p.
He acquired the shares through his holding company Balverona, which owns Ateco Automotive, an importer and distributor of top-end car brands in Australia and New Zealand.
HR Owen has been the subject of much takeover speculation over the past two years.
- NZPA
