Fleet News

Bristol Street and Jessups sold

BSG International is to sell its 26-strong Bristol Street dealership group and Jessups Vehicle Contracts in a £72 million deal expected to receive shareholder approval at an extraordinary annual meeting next Friday (April 4).

The decision of Warwick-based BSG International to split the company in two has been expected for more than two years and was confirmed when the company announced 1996 pre-tax profits before exceptionals (£27.5 million) up 43% to £36.7 million on turnover up 14% to £958 million this week.

The restructuring of the company will see the formation of Britax International, which will include Autolease and its Dutch sister company and the current Britax companies specialising in automotive components, childcare business and aircraft fitments. That name change will be proposed at BSG International's annual meeting in May.

Meanwhile, the dealership group, Jessups Vehicle Contracts, two parts operations and the company's used car hypermarket in Birmingham are to be bought by Brismoco, a new company under the management of the existing Bristol Street team and backed by Legal & General Ventures. The new company will be led by John Tustain, who heads up the BSG dealership group, while Jessups Vehicle Contracts, which operates a fleet of about 8,500 vehicles, will continue to be headed by Stan Thompson.

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