Heron car interests are sold
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE sale of Heron's remaining motor interests yesterday cleared the way for the proposed bid for Gerald Ronson's struggling property empire from a group of US investors, writes Tom Stevenson.
The disposal to Malaya Group, rumoured to be for about pounds 16m, was a precondition of the offer for Heron, announced this week.
Shares in Malaya were suspended just before the close of dealings yesterday pending approval of the deal. It is the latest in a string of acquisitions that have increased the market capitalisation of the group 12-fold since 1992.
In August of that year new management took 54 per cent in Malaya and set about developing one of the UK's fastest- growing motor retailers.
Heron's remaining motor interests included HR Owen, the UK's second-largest Rolls-Royce dealer, and Hollingdrake, which takes Malaya into the Manchester region for the first time.
The bid for Heron valued the once high-flying property and petrol group at pounds 150m.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments