Haversham Holdings, a listed vehicle which has backing from a funding group comprising including Aviva Investors, Artemis, Invesco and Schroders, will acquire the company from BCA owners, which include Clayton Dubilier & Rice. Last year CD&R stopped a flotation of BCA, citing volatile global equity markets.

The reverse takeover will be funded by a placing of new ordinary shares and a new debt facility and will see BCA renamed as BCA Marketplace plc.

Avril Palmer-Baunack, executive chairman of Haversham, said: "The acquisition of BCA represents an important strategic step for Haversham into the automotive sector. BCA is a market-leading business with a unique position in the used vehicle marketplace. 

"Haversham's management team sees exciting growth opportunities in the changing European used vehicle market and plans to refresh BCA's strategy to enhance its strong growth record. We would like to thank our existing and new shareholders for their strong support and look forward to working with the management team at BCA to create long-term value."