Yeomans Group has accomplished the acquisition of 11 Audi, Volkswagen, VW Business Autos and Skoda franchised automotive dealerships from Helston Garages for an undisclosed sum.
The transaction, confirmed in an announcement issued this morning (November 30), follows the information that Vertu Motors were in advanced talks to acquire car retail businesses from the £627 million, 40-site AM100 operation.
It sees Worthing-based Yeomans be part of characterize Volkswagen Group manufacturers for the primary time.
In all, the transaction contains one Audi (Truro), two Volkswagen vehicles (Helston and Indian Queens), two Volkswagen Business Autos (Exeter and Indian Queens), 4 Skoda (Bridgwater, Exeter, Helston and Indian Queens), two TPS Elements (Indian Queens and Helston) and a Peugeot accepted restore web site in Helston.
The deal will develop Yeomans’ scale to 35 websites with an anticipated annual turnover of round £450m subsequent yr from round £320m in 2022.
All workers on the dealerships will switch to Yeomans.
James Smith, chairman and managing director of Yeomans, stated: “I’m thrilled these superb companies might be becoming a member of our family-run agency.
“The Helston Garages websites are fantastically run and in nice places and I’m very excited to be welcoming the groups into our household.
“We have now needed to work with the VW Group for a very long time and this was a singular alternative to affix their community in a single go. It was a possibility that was just too good to overlook.”
David Kendrick, companion at UHY Hacker Younger, the agency that suggested on the deal.
Kendrick, who was interviewed concerning the UK automotive retail sector’s M&A outlook for a feature in the November edition of AM Magazine, stated: “The acquisition of the Volkswagen Group companies for Yeomans is a large transfer for them as a enterprise.
“With James as a younger CEO, it’s clearly an thrilling and increasing enterprise. It is a massive alternative for Yeomans to enter the VW Group community.”
Yeomans additionally represents Citroen, DS, Honda, Hyundai, Nissan, Peugeot, Toyota and Vauxhall.
AM understands that Vertu should still be in-line to make acquisitions from Helston Garages, with Rybrook additionally making additions from the operation, which counts Ferrari, BMW/Mini, Peugeot, Jaguar Land Rover (JLR) and Volvo amongst its franchised companions.
Smith added: “There are many similarities about Helston Garages and Yeomans corresponding to the actual fact we’re each family-run companies and have nice workers retention.
“Yeomans began within the West Nation in 1985 – and actually two of our first workers members there are nonetheless with the enterprise almost 40 years later. We will’t wait to get entangled and assist these groups proceed the nice work they’ve been doing with Helston beneath the Yeomans banner.”