Is mystery buyer on route for £1 billion car hire firm?

REDDE Northgate is in focus amid another round of takeover rumours. The mutter from the gutter is that a mystery suitor is eyeing the vehicle hire company that was formed from the merger of Redde and Northgate.

Earlier this summer, the chatter doing the rounds was that TDR Capital – which together with the Issa brothers bought Asda, for £6.8 billion – was interested in buying Redde Northgate.

The theory was TDR Capital might want to combine it with webuyanycar. com owner BCA Marketplace, which the private equity firm bought for £2 billion in 2019.

City gossips even went so far as to suggest TDR could look at a possible offer of between £4.75 and £5 a share for Redde Northgate, valuing it at around £1.1billion.

However, TDR Capital insiders have poured a large bucket of cold water on the rumours, claiming there is nothing in them whatsoever.

And a spokesman for Redde Northgate said it is ‘categorically untrue that the company is in any conversations with any party regarding a takeover of the business’.

The hunt for the mystery suitor goes on.