Webuyanycar owner plans share float

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The owner of the webuyanycar car brand said it plans to float on the stock market in a move that reportedly values it at £1.2bn.

British Car Auctions (BCA), which describes itself as Europe’s largest used car market place, plans to sell at least a 25 per cent stake, raising around £200m to pay down debts.

Surrey-based BCA, which sold more than 900,000 cars last year and purchased more than 120,000 vehicles, is owned by private equity firm Clayton, Dubilier & Rice.

BCA has seen strong annual sales growth in recent years to reach £442.3m for 2013, with adjusted earnings climbing to £62.5m.

It said this year had seen continued strong performance.

The business, which operates from over 200 locations and held 19,000 auctions last year, said it was approximately two-and-a-half times the size of its next largest competitor.