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Waters Group goes independent in MBO from MCL

A management buyout has seen one time Mazda importer MCL Group shed its motor retail operations.

Darren Payne, managing director of its Waters Group franchised dealer business, has taken Waters and MCL's car supermarket operation, Autoplanet, independent through an MBO partnered by John Hannah.

The seven site group has a £95m turnover and holds franchises for Peugeot, Renault and Mazda.

Payne and Hannah were advised by ASE, the motor industry accountancy firm incorporating Trevor Jones, and legal firm DWF.

MCL had been restructuring Waters Group since last year, when it closed two Peugeot dealerships in Hertford and Stevenage.

At the time, Peugeot said MCL was reducing its involvement in the motor trade.

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