MG Cannon announces MBO
MG Cannon has announced changes to its shareholding structure following the completion of a management buyout.
Shaign Hancock, Trevor Young and Dave Wheller have sold their shareholdings to group directors Vince Scudder and Dan Wareham, making them joint shareholders of MG Cannon Limited and Computers DotCom Ltd.
MG Cannon was founded in 1970 at a single site in Salisbury. In 2004 the company become incorporated after an management buy-out by Hancock, Young and Wheller. The business has since seen considerable growth and expansion and now operates out of eight sites – six manufacturer-approved bodyshops and two Magic cosmetic repair centres – across 10 counties, employing 150 staff.
Scudder and Wareham will continue to lead the business through the next phase of its development.
