Midcounties Co-operative completes sale of Motorworld Group

Midcounties Co-operative completes sale of Motorworld Group

26/01/2010 in All News

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Ten Motorworld dealerships, part of The Midcounties Co-operative, have been sold in a three way deal.

Johnsons Cars, which operates 18 motor dealerships throughout the UK, co-ordinated negotiations for the purchasers in a deal that will see all 206 employees affected by the sale transfer with the business.

Johnsons themselves have acquired five dealerships in Oxford and Swindon representing the Volvo, Mazda and Mitsubishi brands. Motorworld’s two VW operations in Kidlington and Oxford will go to Ridgeway Group.

The remaining three sites in Wantage and Newbury have been bought by Richard Shepherd, former general manager of Motorworld.

Midcounties chief executive Ben Reid said: “We held a number of discussions with interested parties last summer and are pleased that we have now completed this deal with Johnsons and the other parties. We are delighted that this deal will safeguard the jobs within the Motorworld business.

“The motor sector improved in 2009 with the support of the Government’s scrappage scheme but we believe there will continue to be a consolidation of operators. We are confident this is the best long-term solution for our colleagues and the Motorworld business.”

Mike Berwick, operations director of Johnsons Cars, said: “Motorworld has a good reputation for customer service and we are committed to continuing to deliver this.

“The acquisition of the Motorworld sites in Oxford and Swindon will strengthen our presence in the area and add two new brands to the franchises we represent.”

The Motorworld Group comprises ten dealerships on seven sites in Oxford, Kidlington, Swindon, Newbury and Wantage.
 


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