Montagu Puts British Car Auction On The Block

LONDON (Reuters) – Privately-owned UK second-hand car dealership British Car Auctions is expected to be formally put up for sale by owner Montagu Private Equity, banking sources said on Friday.

Montagu could ask for first-round bids as early as next week, they added.

“Montagu has not launched an auction yet but it is imminent and it will be seeking first-round bids,” a banker close to the deal said.

Banks are working on financings for several potential bidders in a sale that could net around 600 million pounds ($959.3 million) for Montagu, the sources added.

(Reporting by Alasdair Reilly & Tessa Walsh)