Endeavour Automotive taken its Hyundai illustration to seven areas with growth in East Anglia by means of the acquisition of automobile retail group Turners.
Dealerships in Bury St Edmunds and Ipswich have been acquired from Turners of East Anglia for an undisclosed sum, together with a physique store, within the transaction which was formally accomplished on Saturday (October 8).
Brothers Glen and Ian Turner, who operated the family-owned Turners enterprise, have retired to deal with property pursuits because of the transfer.
Endeavour chief govt John Caney mentioned: “I’m delighted to have acquired the three companies from Glen and Ian Turner, MG Kerry physique store in Ipswich together with Turners Hyundai Ipswich and Turners Hyundai Bury St Edmunds.
“This can be a essential transfer for the group increasing our attain past our current territory into Suffolk, making a steady territory from our Colchester Hyundai enterprise.
“The Turners enterprise is a implausible alternative with an excellent territory, and we very a lot sit up for welcoming the Turners colleagues into the broader Endeavour group and constructing on the large success already achieved at a really thrilling time for all.”
Endeavour’s newest growth takes its dealership rely to 22 areas, spanning Hyundai, London Electrical Car Firm (LEVC), Lotus Automobiles, Polestar and Volvo.
Most just lately the AM100 car retail group opened the doorways to its new Polestar Area on the iconic Battersea Energy Station.
Final week Society of Motor Manufacturers and Traders (SMMT) September registrations data confirmed that Hyundai was one of many UK’s automobile retail success tales to date this yr. Yr-to-date the Korean carmaker’s volumes are up 21.1% at 64,094.
Caney mentioned that the addition of the Turner operations additional cemented a “very robust relationship with Hyundai UK”, including: “I might additionally wish to take the chance to thank Ashley Andrew and the senior HMUK group for his or her continued assist for additional development and improvement of the Group.”
Glen Turner mentioned: “This represents a strategic improvement for each Endeavour and Turners to develop and improve their respective enterprise ambitions. We want all of them the most effective for the longer term.”
The deal was managed by David Kendrick and the automotive group at UHY Hacker Younger who represented the sellers. Kendrick mentioned: “It makes good sense for John to make this acquisition because it expands their footprint with Hyundai additional into East Anglia.
Kendrick advised that additional consolidation of the market was more likely to happen in This fall, in the meantime, including that there was “loads of exercise on the market”.
Final week Vertu Motors expressed the difficulties it was dealing with because it appeared to development by means of growth.
In its H1 trading update, the PLC asserted that “excessive sector earnings over the past 18 months shall be disregarded” in any acquisition negotiations because it continues to drive worth from its development.