Vehicle prep service completes managerial buyout following £13m HSBC investment

The directors of an Essex-based business, providing a valeting and preparation service for the automotive industry, have completed a management buyout (MBO) after securing a £13m funding package from the Essex corporate office of HSBC UK.

Fullfield, parent company of Motorclean which was established in 1984, is now fully owned by company directors Paul Cranwell, John Hammond, David Warren and Kevin Finn, after its previous owners decided to sell the business.

David Warren said: “Thanks to HSBC UK’s funding and the support from JDC Corporate Finance, we are now able to focus on growing Motorclean’s presence in a number of new locations across the UK and expand our current client base.

“We are really excited about the opportunity we now have to take the wheel of the company and really drive it in the right direction.”

The multi-million pound deal was arranged by advisors JDC Corporate Finance.

The MBO will allow its new owners to focus on growing the business organically by building new relationships with automotive dealerships, auction houses and motor retailers across the UK.

Jason Smithers, HSBC UK’s area director for Essex, Suffolk and Cambridge, added: “We are delighted to have supported Motorclean with its [MBO].

“The directors have a clear idea of what they want the future of the business to look like and, with a well-established presence in the market and the team’s industry expertise, the company is in a strong position to grow substantially over the next few years.”

Motorclean is a vehicle preparation service which offers quality valeting, cosmetic detailing and repairs from its 25 locations nationally.

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