This news is still only about an hour old, but BSM has been sold to a German buyer. You can read the full story here in The Times Online.
The Times reports:
Defeated bidders for the BSM are thought to have included Luke Johnson’s Risk Capital Partners, the Australian bank Macquarie and Synova Capital.
Aviva’s UK general insurance chief executive, Igal Mayer, said: “This sale is part of our on-going programme to transform our UK general insurance business through an increased focus on our core insurance and vehicle breakdown activities, allowing us to provide a first-rate service to our customers.
“I’m delighted that we’ll continue to have a working relationship with BSM in the future through a long-term arrangement to market our insurance products to BSM’s customers.**
This Norfolk-based site, EDP24 [link now dead], has a slightly more detailed version of the story.
So like I said yesterday, BSM franchisees don’t appear to have anything to worry about. So much for the doom and gloom picture some other ADIs have gleefully been trying to paint.
With my tongue in my cheek, I wonder if we’ll soon be seeing BSM school cars carrying the BMW marque?
*** Click Here! BSM and FIAT sign deal (23/07/2009)***