ISUZU Truck (UK), Isuzu’s UK distributor for light and medium trucks , has been acquired by Isuzu Motors Japan Ltd. It was previously independent though the Japanese parent had a 15% stake.
Isuzu Truck (UK) was formed in 1996, and negotiated a management buy-out from RAC plc in 2004..
ITUK was seriously affected at the start of the recession in 2008 and made a small number of redundancies. It weathered the worst period with the directors taking a pay cut and employees accepting a wage freeze.
The company has since grown and in 2012 increased sales by 13% with a turnover of just over £24 million.
ITUK managing director Nikki King OBE will stay on as MD until August to ensure a smooth handover and after her retirement will retain an involvement in a non-executive capacity.
She told Business Vans: “This is the ideal time for us to sell the company shareholding to Isuzu. I wanted to secure the future of the company and the business is in great shape, we’ve just celebrated a stunning year’s performance.
“However, it seems logical that ITUK should join its natural family and be given the tools to grow even more.”
ITUK currently employs 53 people and has headquarters at Isuzu House in Hatfield.