The Dutton-Forshaw Group has been bought by Lloyds TSB Asset Finance Division for £48.7m. The 38-site group, which was owned by CVC and is No18 in the AM100 with a turnover of £499m, will provide a remarketing outlet for a proportion of the contract hire company's 70,000 used car disposals per year.

Lloyds TSB Asset Finance Division managing director John Davies says the Dutton-Forshaw outlets will also serve as an important channel for the sourcing of new cars for its contract hire operations and Lloyds TSB customers.

“With our strong track record in successfully integrating businesses, we are well placed to maximise the synergies that this acquisition provides. The acquisition of Dutton-Forshaw Group offers a great opportunity for us to increase the efficiency of our retail and contract hire operations.”

New md of the Dutton-Forshaw business will be Maurice Rourke, who has previously held senior roles at Autologic Holdings plc, DaimlerChrysler and Inchcape plc.