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Thanks for the memory

Times change and cars change with them. Cars get cheaper to buy, more reliable and much more difficult for their owners to maintain. In no small measure that difficulty is contrived by manufacturers wanting to bring maintenance and repair revenues in-house. Take that to the extreme and, for example, Bearbull has never actually seen the engine of the Porsche he drives nowadays – the ‘lump’ is only accessible by raising the car on a ramp.

Against that backdrop, Haynes Publishing (HYNS), producer of the eponymous workshop manuals, has seen its revenues stagnate for many years and has been in search of a corporate revitalisation for nearly as long. So it was sad but no great surprise last week when its bosses confirmed what everyone suspected since the company’s founder, John Haynes, died in February – that the company is putting itself up for sale. Indeed, the share price had anticipated this. Since Haynes announced results for 2018-19 in September, the price has almost doubled to its current 434p, valuing the equity at £68m.

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