Channel Island car dealership sold for £40m
One of the largest car dealerships in the Channel Islands is being sold to an investment company.
Jacksons CI is being bought by Ravenscroft for £41.7m in a cash and stock deal.
The sale is expected to be completed by the end of the year, subject to approval from the Jersey Competition Regulatory Authority and the Jersey Financial Services Commission.
Current owner, Tom Scott, will continue as a director.
He said: "We are confident that we have found the right custodians to work together with the strong management team and take forward a business that our family has built up over the last two decades."
The deal includes the Jacksons and Motor Mall car showrooms in Jersey and Guernsey, Trinity Tyres in Jersey and St Martin's Tyres in Guernsey.
The impact on jobs is unknown and a spokesman for the company said it would be inappropriate to comment on future plans until a decision had been taken by the regulator.