One of Britain's greatest chains of automobile restore retailers is gearing up for a sale that would worth it at about £400m.

Sky News has learnt that Steer Automotive Group has appointed City advisers to sound out potential patrons.

Sources stated on Friday {that a} formal course of was not but underneath method, though preliminary discussions have been being held with events.

Steer Automotive Group trades from 98 websites throughout the UK, and employs greater than 2,500 individuals.

Its prospects embrace the key insurance coverage corporations Admiral, Allianz, LV and NFU Mutual.

The firm says it repairs greater than 100,000 passenger, luxurious and industrial autos yearly.

It counts the carmakers Aston Martin, Jaguar Land Rover and Tesla amongst its producer approvals and suggestions.

Mr Steer launched the corporate from a single web site in Aylesbury in 2018 and has grown it impressively, in keeping with business insiders.

He secured funding from Chiltern Capital and Keyhaven Capital in 2021 at an undisclosed valuation.

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One personal fairness determine who has been approached concerning the course of stated he understood that Mr Steer was prone to stay closely invested within the enterprise after any deal.

DC Advisory is dealing with the method on behalf of Steer.

The firm declined to remark.