New Motors Holding JV takes over GM Daewoo Hanover sites

A new retail motor group – NHM Ltd – has entered into an agreement to acquire the GM Daewoo franchised outlets in Cardiff, Exeter, Luton and Swansea. These sites were formerly part of Hanover Automotive Group, now in administration.

NHM will be initially jointly owned (50/50) by GM Daewoo UK Ltd and Frank Andrew, formerly an investor in Hanover Automotive. Mr Andrew is Managing Director of NHM. NHM operates under a Motors Holding structure, which Vauxhall has employed in the UK since the late 1980s, which allows shares to be redeemed from future profits of joint holdings in dealerships.

GM Daewoo is currently considering what other representation may be appropriate alongside its own franchise at the NHM sites. It has been confirmed that most staff are to remain in place.