Riverside Motor Group has expanded with the acquisition of Harratts’ Honda dealership in Wakefield for an undisclosed sum.
The Yorkshire-based AM100 Cupra, Honda, Mitsubishi, Seat and Volvo franchisee, which has sites in Doncaster and Hull, confirmed the conclusion of the deal to secure the business at Calder Park, Wakefield, this morning (July 12).
It included Harratts’ Honda dealership and assets at Calder Park, their former Kia showroom, and a lease of premises at Darton, Barnsley, for a period of 10 years.
Riverside said it will retain all Harratts’ existing staff as it represents Honda in Wakefield and Barnsley from the Calder Park site in Wakefield.
Riverside Motor Group managing director, Mark Denton, said: “Acquiring the Honda site has given us the opportunity to further expand our footprint in the region. We will continue to invest in the business and build on our well-established reputation.”
Established in 1982, Riverside Motor Group was the 86th-ranked car retail group in the AM100 2020, with a turnover of £168.6 million elevating it 12 places from 98th in 2019.
Last year the business was also listed alongside Arbury Motor Group, Car Giant and Tom Hartley Jnr in the Sunday Times PwC Top Track 250 ranking of Britain’s leading mid-market private companies.
The groups qualified for the ranking by meeting criteria which demanded a profit margin of over 2% and sales growth of at least 5% in their latest published annual financial results.
Schofield Sweeney’s corporate and commercial property teams advised Riverside on both the acquisition at Calder Park and lease of the premise in Barnsley.
Schofield Sweeney has advised on four significant transactions in the motor sector so far in 2021, including Ringways Motor Group’s acquisition by DM Keith and Smart Fleet Solutions acquisition by Cazoo.
Denton said: “Despite the COVID restrictions, the team at Schofield Sweeney were on hand throughout.”
Basharat Ali, Scofield Sweeney partner for commercial property, said: “We are pleased to have acted on behalf of Riverside in their latest acquisition.
“I would like to congratulate Mark Denton and his team at Riverside on this latest acquisition and wish Riverside all the best going forward.”