Group 1 Automotive has accomplished the acquisition of Essex-based BMW and Mini franchised automotive retailer Fairfield Motor Group.
Fairfield proprietor Mike Types took to LinkedIn to share information of the transaction, which adopted a “tough resolution to hold up my boots” following 34 years as proprietor.
The Leigh-on-Sea enterprise features a BMW dealership and neighbouring Mini enterprise on the A127 Southend Arterial Highway.
Types stated that he believed Group 1, as a Fortune 500 firm with a superb file, will “take nice care of my workers and Fairfield will go on to have a profitable future”.
He added: “Thanks for the entire onerous work and dedication to everybody who has labored for and with Fairfield through the years – with out so lots of you I wouldn’t be the place I’m now.”
Group 1’s development by means of acquisition comes simply weeks after it introduced the appointment of Mark Bridgland to the post of managing director – ending 22 months with out an MD.
It additionally follows final week’s information that the enterprise has appointed its present president of US operations Daryl Kenningham as its new chief govt after Earl J. Hesterberg announced his retirement.
The transfer comes 12 months after Group 1 Automotive added 9 automotive dealerships to its UK operation with the acquisition of Robinsons Motor Group.
The US-based AM100 car retail group provides to its current Volkswagen Group franchises with the addition of Audi, Seat, Skoda and Volkswagen companies – largely situated in East Anglia – and a Citroen dealership in Peterborough by means of the transaction.
Again in July Group 1 highlighted the power of its new automotive order books within the UK after reporting a record Q2 performance.
The AM100 automotive retail group delivered a 14.3% enhance in revenues to $4.1 billion (£3.4bn) in Q2 as its gross revenue rose by 18.3% to $768.4m (£636.4m) and diluted earnings per widespread share from persevering with operations of $12.1 (£10) – the best in its historical past.
However year-on-year gross sales comparisons within the UK declined in a interval 12 months on from the sector’s second COVID-19 lockdown restoration.
UK revenues had been down 8.3% to $639.9m (£530.1m) in Q2 as gross revenue declined 4.5% to $83.2m (£68.9m) as new and used automotive gross sales volumes declined 18.2% to 11,964 items.