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Sumitomo Tyres- buys Micheldever Tyre

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Sumitomo Tyres

Sumitomo Tyres
Sumitomo Tyres

Micheldever supplies around six million tyres a year to more than 6,000 retailers and direct to motorists Britain’s second biggest tyre maker has been snapped up by Sumitomo Rubber Industries for £215 million, the latest in a series of post-Brexit takeovers by Japanese firms. Micheldever Tyre Services, based in […] 

Sumitomo Tyres

Above anything else this shows us that global companies such as Sumitomo have confidence in the UK economy after the Brexit vote.

As a tyre retailer here in Halifax, Yorkshire I also think it is good news. As a result of this acquisition, we will feel more confident for the future. I regard Sumitomo tyres as the best option going forward.

Rumours have been going around

in the past two years about who would buy MD’s. The worst scenario for me would have been the rumour that Michelin tyres were interested.

Here at Pellon Tyres, we have been very close allies of MD’s ever since their takeover of Southam Tyres. Eric Roberts has always regarded Alan Baldwin (MD sales director) as a friend and business advisor.

MD’s are Britain’s second-largest tyre wholesaler.

Interestingly, MD, has now been snapped up by Sumitomo Rubber Industries for £215 million.

As a result, they are the latest in a series of post-Brexit takeovers by Japanese firms. I am convinced that Japan see the UK as an increasingly important trading partner on the doorstep of the EU.

MD’s (Micheldever Tyre Services)

first started out and are now based in Hampshire. After a few sales, including by the original owner. Tony Todd, it was sold by private equity firm Graphite Capital.

Thus, the country’s two largest tyre wholesalers now belong to Japanese companies. As a result, following Itochu’s acquisition of Stapleton Tyres and Kwik-Fit  back in 2011,.

Japanese companies spent over £27 billion on 43 British firms in 2016, up from £7.6 billion for 29 the previous year, according to figures from Dealogic.