City dealmakers in row with the AA over Motoriety

Wednesday, 6 June 2018, 4:54 pm

Some of the City's top bankers, lawyers and industry executives have emerged as investors in a company whose founder is engaged in an almighty row with London-listed AA.

According to sources familiar with the matter, Giles Fitzpatrick, Michael Symons and Kevin Gaskell were seed investors in Motoriety, an app that links motorists to repair garages that was set up by entrepreneur Lucy Burnford.

Fitzpatrick is now a partner at advisory firm Hannam & Partners and former chief executive of merchant bank Fox-Pitt Kelton; Symons is a lawyer and founder of vehicle leasing company Helphire, now called Redde; and Gaskell is a former managing director of BMW and former chief executive of Porsche.

The AA paid £400,000 for a 50pc stake in Motoreity in 2015 but quickly fell out with Burnford. She has now accused the AA of starving her company of funding so it could acquire the business once it fell into administration. Below is a link to an FT piece with the details of the legal spat:

Betaville wonders if the emergence of three punchy businessmen as funders of Burnford's legal actions will raise an eyebrow at today's annual shareholding meeting?...

A spokesperson for the AA said:..


Register for free to see rest of this article and all public articles from Betaville

Login / Register

[Disclaimer - the information on Betaville does not consitute any form of investment recommendation and is not intended to be relied upon by readers in making, or refraining from, any investment decisions].

Post Comment