One of Britain’s biggest chains of car repair shops is preparing for a sale that could value it at around £400m.
Sky News has learned that Steer Automotive Group has appointed City advisers to consult potential buyers.
Sources said on Friday that a formal process was not yet underway, although initial discussions were being held with interested parties.
Steer Automotive Group operates from 98 locations across the UK and employs more than 2,500 people.
Its clients include major insurers Admiral, Allianz, LV and NFU Mutual.
The company says it repairs more than 100,000 passenger, luxury and commercial vehicles annually.
It counts the car manufacturers Aston Martin, Jaguar Land Rover and Tesla among its manufacturers’ approvals and recommendations.
Mr. Steer launched the business from a single location in Aylesbury in 2018 and has grown it impressively, according to industry insiders.
He secured investments from Chiltern Capital and Keyhaven Capital in 2021 at an undisclosed valuation.
A private equity figure contacted about the process said he understood Mr Steer was likely to remain heavily invested in the company after any deal.
DC Advisory handles the process on behalf of Steer.
The company declined to comment.