Fleet News

Glass's seeks buyer to fund development

GLASS'S Information Services is up for sale with the company set to approach a number of potential buyers who would fund future development. The Weybridge-based automotive data supplier, which was acquired by the present management team through a £32.5 million management buyout in 1995 has engaged investment bank Salomon Smith Barney to advise on the company's options.

Asked to comment on the development Glass's Information Services managing director Robin Oliphant, dismissed the rumours as speculation and declined to comment further. However, a letter to staff from Oliphant says: 'Glass's has done extremely well and now has a number of exciting projects which will need a high level of investment.

'Consequently this is an appropriate moment to seek a new source of funds which will enable Glass's to translate these prospects into profitable reality. To fuel Glass's ambitions for the next stage of its development we need a strategic partner who will take a long term interest in the business. After careful review, the board has decided that our best interests will be served by selling Glass's to another company.'

The company publishes a number of vehicle valuation guides, including 'Glass's Guide to Car Values', as well as a number of other products including 'Fleet Values & Whole Life Costs', computer software residual value guide AutoProVision and collision damage repair estimating system Glassmatix.

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