The buyout, backed by Bank of Scotland, was led by Colin Hainstock, previously managing director of the GM division. He becomes chairman and chief executive. “The business had grown in two different directions – volume and prestige. The management buy-out suited both parties,” says Hainstock. “We intend to grow the business and expand our franchise partners. We want to pass the £100m turnover mark in time.”
The GM business employs 150 people at three showrooms – Nidd Vale Vauxhall and Nidd Vale Saab in Harrogate, Sandbeck Motors in etherby – and a GM aftersales and bodyshop facility in Harrogate.
Richard Jackson, aged 52, will take a step back from the day-to-day bustle of running a multi-franchised group, although he retains a minority stake in Nidd Vale. His new operation will be named Mercedes-Benz of North Yorkshire and include showrooms at Harrogate, Scarborough and York. Further expansion is planned.