The board of Bailiwick Investments Limited (BIL) is pleased to announce
that yesterday it agreed to take a minority stake in an investor grouping
which will buy the Jacksons CI group, which includes the Jacksons and Motor
Mall dealerships in Jersey and Guernsey, Trinity Tyres in Jersey and St
Martins Tyres in Guernsey.
A sale purchase agreement has been signed between Ravenscroft Investments PCC
Limited (RIPL) and various companies owned by the Scott family to buy
the businesses and operating assets, including premises, which together make
up the Jackson CI group. The price agreed is £41.7 million and consideration
will be satisfied by way of £40 million in cash and the issue of £1.7 million
in shares of RIPL.
The transaction is subject to the approval of the Jersey Competition
Regulatory Authority and the Jersey Financial Services Commission. It is
anticipated that approval will be received before the end of the year, shortly
following which, the transaction will be completed.
RIPL is an investment vehicle which is backed by various high net worth
clients of Ravenscroft Limited and it is through this vehicle that BIL will be
acquiring its investment in the Jacksons CI group. It is anticipated that BIL
will ultimately own between 20% and 30% of the capital of RIPL. BIL
shareholders will have the opportunity to participate in this transaction as
we will be undertaking a fundraising exercise in order to satisfy part of this
consideration. Documentation on this fundraise will follow shortly.
The Scott family will be retaining an interest in the Jacksons CI group, and
Tom Scott will continue to act as a director. In addition, the existing
management team, led by Paul Collier, will remain and have the full support of
RIPL in taking the business forward.
The directors of BIL are very pleased to have acquired a significant
investment in an iconic and well run Channel Islands business which further
demonstrates its strategy of investing in local companies with top quality
management and good growth prospects.
Tom Scott said “My family and I have a long association with both Jacksons and
the motor trade, and so our decision to sell has not been taken lightly. It is
clear that the purchasers are committed to investing further in the business
to ensure its on-going success, and most importantly to keep it at the
forefront of motor retail in the Channel Islands. We are confident that we
have found the right custodians to work together with the strong management
team and take forward a business that our family has built up over the last
For further details please contact Simon Melling – Director of Ravenscroft