Solid Auto to benefit from takeover

Andrew Page, based in Leeds, said the deal was part of its growth strategy in the car parks market. In particular it would strengthen its sourcing capability in China and the Far East.

Established in 1983, Solid Auto has 17,000 sq ft of warehousing and offices on the 43-acre Coombswood Business Park and is a leader in the Japanese and Korean car parts market.

Andrew Page chairman Jim Sumner said: "Solid Auto has established a very good reputation as a specialist supplier over the last three decades."

Mark Price, managing director of Solid Auto, said: "I am confident there will be significant benefits across the group given our expertise in Far East sourcing and detailed understanding of the market. I believe there is a great cultural fit between Andrew Page and Solid Auto."

The move comes after Solid Auto had outlined ambitious growth plans for the year after becoming an authorised distributor for Denso products and introduced a range of ABS sensors under its Solid Ace brand.

The company has also been expanding its ranges of filters, braking, transmission, cooling, electrical, engine and steering & suspension components, with new-to-range introductions set to intensify well into 2016.

Late last year Mr Price had said: "As a specialist, we maintain the heritage and expertise that makes us relevant to a customer's business. We stock a lot of products within a niche range and there's still massive potential for our business. We've a reputation on sourcing hard to find parts and our expertise in Japanese and Korean vehicles is well renowned – we won't lose this specialism."

New owner Andrew Page – in turn owned by Colton Mill Holdings – also published its latest annual results showing a 12% increase in turnover to £192m. In the first full year since its refinancing in 2014, the company reported a doubling of core earnings to £9.6m in the year to September 30, 2015.

"We are delighted with the trading performance," said Mark Saunders, chief executive. "It is the result of a lot of hard work by the whole team at Andrew Page for which I am very grateful."

Andrew Page invested £15m in the last financial year as it prepares for growth in turnover and profitability, spending nearly £8m on its 500-strong fleet of new vans.

The company also invested more than £1m in a state-of-the-art telephony system to transform communications across the business, which has 108 sites and 2,300 staff. It also added 21 new sites with the acquisition of select assets from collapsed parts group Unipart Automotive in July 2014.