Iveco rescues Grays Truck and Van from administration

26 September 2013

Iveco has bought dealership Grays Truck and Van out of administration for £1.72m.

The deal to acquire ‘certain assets’ of the business was struck with administrators Duff and Phelps on 9 August 2013 after the previous owners ran into cash flow difficulties.

Grays is now owned by Iveco Retail, a subsidiary of Iveco Holdings UK the owner of Iveco UK, which was set up in July 2013 to run specifically retail outlets. The deal safeguarded 120 jobs.

Nigel Emms, press and PR director at Iveco, was keen to stress that Iveco is first and foremost a manufacturer, and not in the practice of owning and running dealerships. "The decision to acquire the business was to maintain the continuity of the business and support the aftermarket plan for customers.

"Grays is a viable business but there is a lot of restructuring to do. With dealerships in Croydon, Guildford, Heathrow and Reading, it is in a very strong area," he said.

Iveco’s dealer network consists of private ownership, and while Grays is a work in progress, Emms added that maintaining its partnership with privately owned business entrepreneurs would be Iveco’s objective.

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