Ridgeway Group has agreed, subject to contract, to purchase BMW and Mini dealerships located in Bournemouth, Salisbury and Odiham from Wood Group for an undisclosed sum.
It will be Ridgeway’s first dealerships with the BMW and Mini brand. The deal is expected to complete before the end of next month.
Wood Group will keeps its sites in Chichester and Waterlooville, near Hampshire.
The acquisition is expected to add £100 million to Ridgeway's group turnover, which would take it to around the £450m turnover mark. This could take Ridgeway into the top 20 in the AM100.
All employees at the Wood BMW and Mini sites will transfer to Ridgeway Group and consultation has started with the workforce.
The Wood name has been retained at the purchased sites.
Ridgeway financial stats to 2010 (Source: AMi)
David Newman, chairman of Ridgeway Group said: “This acquisition is a perfect strategic fit for us in terms of the brand strength and customer orientation of these businesses, and the locations adjoin our existing businesses.”
David Burton, Wood BMW managing director, said he was proud to have worked with the BMW and Mini brand for 30 years and was confident the business would continue to be successful under new ownership.
Tim Abbott, BMW Group UK managing director, said Ridgeway would introduce “fresh ideas” about the delivery of customer service.
The Ridgeway Group passenger car brand portfolio includes Audi, Mercedes-Benz (and AMG), Volkswagen, Skoda and smart as well as Mercedes-Benz, Fuso Canter and Volkswagen Commercial Vehicles. Ridgeway also operate a Chrysler Group service centre, two trade part specialist outlets, two used car centres and two paint & body repair centres.
The Ridgeway Group are on the shortlist for AM Awards 2012 “Best Retail Group (more than 10 sites)”.
Ridgeway (yellow) and Woods' (black) dealership locations (Source: AMi)