Sytner is set to expand its portfolio of luxury car dealerships with a takeover of the majority of AM100 dealer group Rybrook.
Once the multi million pound deal completes in January Sytner will gain 15 sites delivering annual revenue nearing £800 million, making Sytner the first dealer group ever in the UK to be on the way to £8 billion turnover.
Its additions will include four BMW and Mini dealerships (3 of which also sell BMW Motorrad motorcycles), four Volvo dealerships, two Land Rover dealerships and one Porsche dealership.
Rybrook was ranked 18 in the 2023 AM100 listing of the UK's largest franchised dealer groups, with a total of 31 franchised outlets including ultra-luxury brands Bentley, Lamborghini, Lotus McLaren and Rolls-Royce . In 2022 Rybrook's revenues totalled £935 million.
The deal ends Rybook's 52-year partnership with BMW.
Darren Edwards, Sytner Group's chief executive, said: "We are delighted to announce this transaction. The Rybrook dealerships represent exceptional brands with a strong commitment to providing exceptional customer service.
"We look forward to continuing this legacy and welcoming these franchises to our team."
An announcement to the New York Stock Exchange by Sytner's parent, Penske Automotive Group, said it has received certain regulatory approvals, and the acquisition is anticipated to be funded using the company's existing liquidity and is expected to close in January 2024, subject to customary conditions.
As editor, Tim is responsible for the media content, planning and production of AM's multiple channels (AM print and digital magazines, website, social media and contributing to our events planning). He interviews and writes about as many franchised dealer groups and UK divisions of motor manufacturers as possible, to explore the issues facing UK motor retail and understand what solutions dealers and suppliers are using to overcome these.
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