The deal for the BMW and Mini car dealership in Conwy was funded by the Co-operative Bank’s Corporate Banking Centre in Manchester and will add approximately £25-30 million to the group’s current £130m turnover.
Halliwell has taken on all 40 employees at the Llandudno Junction site.
Phillip Jones, Halliwell Jones managing director, said: “When the opportunity to acquire the business came about, it was something we couldn’t pass up. We view BMW as an exceptionally valuable franchise.”
Jones said Halliwell Jones had no other acquisition prospects on the table but was enthusiastic about growing the business.
“If you’re not going to grow then you might as well sell up. We’re looking for more acquisitions, but there just aren’t any at the moment. It’s rare that any suitable franchises, let alone a BMW franchise, become available.
“Glyn Howes, our new group finance director, will be in charge of searching for possible acquisition targets.”
The Co-operative Bank said the deal went through for £6.7m but Jones said that figure was incorrect and was not willing to reveal the exact price the company paid.
Halliwell Jones is an independent car retailer with BMW and Mini dealerships in Southport, Chester, Warrington and the Wirral. It opened its first dealership in Southport 20 years ago and had a turnover last year in excess of £130m, with staff of more than 300.