TG Holdcroft Group has added its fourth Hyundai dealership with its takeover of Sandon Road Motors in Stafford.
The Midlands-based multi-franchised group now has dealerships representing Hyundai in Crewe, Hanley, Cheshire Oaks and Stafford, all within a 65 mile market area.
The acquisition of Sandon Road Motors, which owned by Bob Gasch and Bob Brinson since 1976, adds 21 employees and £9.8 million turnover to Holdcroft Group.
Darren Holdcroft, managing director of TG Holdcroft, said: “This is a fantastic new opportunity for us and it not only highlights our desire and determination to grow as a business but also demonstrates our continuing commitment to Hyundai who we have represented since 1991.”
“This new business will help drive us forward and deliver on our ambitious growth plans for 2016 and beyond. The Holdcroft Hyundai division is set to contribute £56m towards a projected annual turnover of £358m, the addition of Sandon Road Motors will help us achieve our goal.”
“I'd like to extend a warm welcome to our new colleagues upon joining the Holdcroft Family, their expertise and experience is a valuable asset to our group.”
ASE corporate finance executive, Adam Cottam, who brokered the deal and advised the owners alongside Brabners LLP, said “This is a great acquisition for Holdcroft, which fits perfectly with their existing business in terms of brand and geography.”
“I am very pleased that the owners have achieved the exit they were looking for. They have built an excellent business over the course of many years and I expect it to continue to thrive under new ownership.”
Bob Gasch and Bob Brinson said: “The outgoing directors and their families would like to say a huge thank you to our loyal customers and staff for their continued support over the last 40 years.
"Like us, Holdcroft are a family run business and we feel confident that our customers will continue to be well looked after. Finally we would like to wish our customers, staff and Holdcroft Group the very best for the future.”