An agreement has been reached between Ravenscroft Investments PCC Ltd (RIPL) and the various Scott family-owned companies.
The business's operating assets, including the premises which make up the Jackson CI Group – Jacksons and Motor Mall dealerships in Jersey and Guernsey, Trinity Tyres in Jersey and St Martin's Tyres in Guernsey – are all included in the deal, which has an agreed price of £41.7m.
This will be be paid by £40m. in cash and £1.7m. shares of RIPL.
Approval needs to be given by the Jersey Competition Regulatory Authority and Jersey Financial Services Commission.
It is anticipated that will happen by the end of the year.
The Scott family will retain an interest in the Jacksons CI Group, with Tom Scott as director.
The current management team, led by Paul Collier, is due to remain in place.
