Chairman Richard Teatum says: “We want five or six Peugeot outlets, plus two each of Ford and Vauxhall. There is plenty of cash in the bank, and we intend to grow by purchasing free-hold sites.”
Woodkirk Garage, a £12m turnover business that has held the Peugeot franchise for almost 60 years, was acquired by Stoneacre for an undisclosed sum.
Trevor Twaites, who owned the dealership in the West Yorkshire town of Dewsbury, close to the M1 and M62, has retired. The deal was arranged by Dealermatch, part of Trevor Jones Accountants.
Teatum says: “Peugeot has had a couple of bad years but now, with the launch of the 308, I believe it is on the up. This makes the timing of the acquisition perfect and I’m sure we can improve on Woodkirk’s 300 used car sales a year. The business was selling 600 new cars annually, which we’ll be happy with.”
Peugeot knows Stoneacre wants its franchise elsewhere, says Teatum.
“We’re looking for other freehold sites where owners want to sell their businesses and may also move into open points.”
In June’s AM100, Stoneacre Motor Group was at 71 with a turnover of £143m, now expanded to around £155m with the Woodkirk purchase. The group has been selling around 4,500 new and 9,500 used cars a year. In July, it bought the Rochdale Fiat and Kia dealerships of Lythgoe Motors.
Stoneacre has a wide spread of volume and value franchises in the north of England, Lincoln and Peterborough in eastern England, and Wrexham in north Wales. The group has 11 Fiat dealerships, seven Suzuki and seven Kia, plus Chevrolet, Citroën, Daihatsu, Renault and Seat outlets.