Puzey & Payne was acquired by its management through a management buyout. This was after the car dealership unit was disposed by its parent group Zimplow Holdings.

According to a statement by Maxwell Chinorwadza, the company secretary of Zimplow, the disposal would "allow the company to streamline operations on the back of a subdued economy." The disposal became effective last June 1. 

As for the buyout, it happened during a time when the company was facing stiff competition. Its greatest competitors were Japanese secondhand vehicle imports.

Details of the transactions will be made available in the next interim results of the company, said Chinorwadza. "The directors obtained an independent opinion from advisers that the terms of the transaction are fair and reasonable to the company's shareholders," Chinorwadza added.

Puzey & Payne's motor vehicle sales were subdued last year compared to 2011. This was due to challenges in liquidity prevailing in the economy. Similarly, its parent company also posted a US$1 million loss for 2012. This was the result of restructuring and merger costs.