Lloyd Motor Group is set for further expansion with the acquisition of Windermere-based Kia retail group Rayrigg Motors.
The Cumbrian AM100 car retail group will complete the takeover of the two-site Kia franchised operation, which has dealerships at Windermere and Morecombe, on February 28.
Lloyd revealed that it will maintain just the Morecambe facility following the takeover, but will be taking on all Rayrigg’s existing staff as part of the move.
The managing director of Rayrigg, David Smith, along with his brother Robert, have decided to step back and concentrate on other projects.
The business has been family-owned since its formation in 1900 and adopted the Kia franchise in 2004.
In a statement published by the Lancaster Guardian newspaper, David Smith said: "We chose Lloyd Motor Group to take over the business as we are very much in line with their ethos and ethics.
“Both organisations share family values as one of the foundations of success. We are pleased and trust our staff and customers will be very well looked after."
Lloyd Motor Group’s addition of Rayrigg’s Kia franchise comes just over six months after it expanded its operations into York with the acquisition of Inchcape's Jaguar Land Rover (JLR) business in the city.
The group was ranked 30th in the AM100 2021, with a turnover of £508.6 million – up 86.3% year-on-year. Its 2020 annual financial results also show a pre-tax profit up 614.9% at £11.6m.
Alongside Kia, the group represents the BMW, Mini, Jaguar, Land Rover and Volvo car franchises and the BMW Motorrad and Honda Motorcycles franchises.
AM highlighted the strength of the Kia franchise following publication of the Society of Motor Manufacturers and Traders' (SMMT) new car registrations data for 2021 last week.