Pendragon Denies Sale of CFC Solutions
Fleet software giant CFC Solutions, has denied reports it has been put up for sale by parent firm Pendragon, the UK's largest dealer group. When asked, CFC boss, Andy Leech, commented "There is no intention by Pendragon to sell CFC, we've just taken on another five developers to work on a joint project with Pinewood."
Pinewood is a sister firm to CFC, developing and selling software for motor dealers. However, Leech added that although CFC is not up for sale now, CFC Solutions was for sale about six month ago."Pendragon dipped a toe in the water and the business was valued at £15 million, with a couple of venture capital firms interested.”
Jason Francis, former CFC boss, who recently set up rival firm Jaama, said he would he be interested in buying the CFC brand. “I wouldn’t be surprised if it was for sale,” commented Francis. “The only reason Jaama was invented was because CFC was not a good fit with Pendragon and suffered from a lack of investment. It would be a great brand, but the lack of investment would have to be reflected in the price.”
“It’s the right time to sell or put in a lot of investment to develop the software,” he added. Fleet Week sources claimed Pendragon had appointed consultancy and accountancy firm Deliotte to handle the sale, along with a second Pendragon-owned business that sells trucks.