Steven Eagell Group has confirmed its acquisition of Inchcape’s Toyota dealership in Oxford, over three weeks after AM initially reported the transfer.
Completion of the transfer takes the Milton Keynes-based AM100 car retail group to 32 places with the Japanese OEM and its premium sister model Lexus – comprised of 23 Toyota dealerships and 9 Lexus.
It’s Steven Eagell’s first acquisition because it secured the purchase of four Toyota and two Lexus car dealerships in the West Midlands from the Vantage Motor Group in March 2020.
Chief government Steven Eagell stated: “I’m very happy to verify now we have accomplished the acquisition of the Toyota Centre in Oxford from Inchcape Retail Ltd.
“That is an thrilling alternative to additional our relationship and success with Toyota. It’s a nice match for us each strategically and geographically and is a long-established and profitable enterprise, so we’re delighted to be including this centre to the group.”
Eagell added: “Our preliminary precedence would be the integration of the brand new enterprise into the group, with minimal disruption.
“We’re very a lot trying ahead to welcoming new staff members and dealing with them to proceed to offer a first-class service to each current and new prospects.”
Inchcape UK CEO George Ashford stated that the sale of Toyota Oxford was according to Toyota’s general technique to reshape their market areas within the UK.
He added: “While we just lately accomplished the acquisition of Toyota Warrington from Bentleys Motor Group, reflecting our robust presence within the north, Steven Eagell has a long-standing historical past within the South making them enterprise to tackle the well-established and profitable Oxford centre.”
Inchcape’s disposal of the Toyota website in Oxford follows a restructure of its operations overseen by former chief executive James Brearley, who described the plan in a profile interview with AM final yr.
At that time, the PLC accomplished the sale or closure of 20 dealerships within the area of two years and the loss of the ‘retail’ classification from its London Stock Exchange listing as its world focus shifted in direction of distribution.
It’s now delivering progress within the type of rebranded and expanding used car retail division bravoauto.
Steven Eagell has delivered speedy progress since AM last profiled the business back in 2016.
Then, the group had simply accomplished the addition of Toyota dealerships in Peterborough, King’s Lynn and Bishop’s Stortford with the acquisition of websites from Marshall Motor Group and Hills Toyota.
In 2021 it ranked twenty eighth within the AM100 after delivering an annual turnover of over £514 million in 2020, having grown from £114m in 2015.
In 2021 the group delivered turnover progress of 37% to £713m, with pre-tax earnings up 53.3% at £25.8m.
It’s now set to rise additional up the rankings.