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British Car Auctions prepares to float - report
June 22, 2014 / 2:30 PM / 3 years ago

British Car Auctions prepares to float - report

LONDON, June 22 (Reuters) - British Car Auctions (BCA), the UK’s largest seller of second-hand vehicles, is lining up a team of banks for a stock market listing planned for after the summer, the Sunday Telegraph newspaper reported, without citing sources.

BCA’s owner, private equity firm Clayton Dubilier & Rice, is close to instructing a total of six banks, led by UBS, HSBC and Numis Securities, for an initial public offering, the newspaper said.

Established more than 60 years ago, BCA operates in 13 countries and sells around 1 million vehicles a year, according to its website.

It could be worth as much as 1.2 billion pounds ($2 billion), the Sunday Telegraph added.

BCA was bought by Clayton Dubilier & Rice in 2010 for around 400 million pounds.

Neither firm was immediately available for comment.

$1 = 0.5876 British Pounds Reporting by Clare Hutchison; Editing by Mark Potter

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