Mitsubishi Corporation has taken over complete ownership of the Colt Car Company – the sole distributor of Mitsubishi Motors in the UK.
Colt Automotive has agreed to sell its 51 pc stake in the importer to MC Automobile Europe, a wholly-owned subsidiary of Mitsubishi Corporation, following the retirement of its chairman, David Blackburn, who had headed up the company since 1974. Mitsubishi already held the remaining 49 pc stake in CCC.
Mitsubishi Corporation is
IN AND OUT: Tyrrell, left, and Blackburn
Japan’s largest general trading company with a market capitalisation of about £500bn, according to a spokesman for Mitsubishi UK.
Stephen Blackburn will resign from his position as an executive director of CCC and non-executive directors Frank Hirst and Michael Lang will also leave the company. Jim Tyrell will continue as chief executive of CCC.
Mitsubishi said CCC’s subsidiary Colt Cars Mid-West, which has 11 dealerships in the UK, would continue to operate as before under the new ownership structure.
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