Cambridge-based Marshall Motor Group backs £325m takeover bid

Marshall Motor Group runs more that 160 dealership franchises

The Marshall Motor Group has backed a £325m takeover offer from the company behind WeBuyAnyCar.

The Cambridge-based car dealer company said it thought the terms offered for it by Constellation Automotive were "fair and reasonable".

Marshall's board said it would be recommending its shareholders accepted the offer.

Constellation, which is also behind the Cinch brand, said it was "focused on broadening its offering".

Marshall has been a family-owned company for more than 100 years since Marshall of Cambridge was established in 1909 by David Gregory Marshall, in a small garage in Brunswick Gardens.

Marshall Motor Group currently runs more than 160 franchised dealerships.

Constellation, which is owned by UK private equity company TDR Capital, made its bid for the group, after the Marshall family, which owns more than 64% of the business, said they were interested in selling two weeks ago.

The family has already accepted the bid, so Marshall's remaining shareholders must decide the company's future.

The Cambridge-based car dealer company has been owned by the Marshall family for more than 100 years

In a statement to shareholders, Marshall Motor said: "Following careful consideration of both the financial terms of the offer and Constellation's stated intentions regarding the conduct of the MMH (Marshall Motor Holdings) business under Constellation's ownership, the board intends to recommend shareholders accept the offer."

Constellation said it was "focused on broadening its offering for both consumers and business partners across the UK and Europe, and the potential acquisition of Marshall continues this strategy".

It has promised not to change the conditions under which any staff are employed or to tweak the "balance of the skills and functions of MMH employees or management".

MMH is part of the Marshall Group that also includes the Marshall Aerospace and Defence Group which is based at Cambridge Airport.

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