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VT Holdings completes purchase of Wessex Garages

New owners (left to right): Koichi Yoshida, director at VT Holdings, with Steve Patch exiting chairman at Wessex Garages; Keith Brock, managing director at Wessex Garages and Tim Bagnell, managing director and chief executive officer of VT Holdings.

The Japanese automotive group VT Holdings has completed the purchase of Wessex Garages for an undisclosed sum.

VT’s acquisition of the seven-site operation in South Wales and the South West follows its acquisition of CCR Motor Company in 2012 and Griffin Mill Garages in 2014 and takes its representation in the UK to 18 sites and an estimated turnover of £300m.

Tim Bagnall, managing director of VT’s UK Operations, said: “We are delighted to announce the acquisition of Wessex Garages.

“This is a perfect strategic fit for us in terms of location and franchises and will form a strong regional Group able to take advantage of further opportunities.”

Keith Brock, managing director at Wessex Garages, said: “Wessex Garages was established by Steve Patch almost exactly 30 years ago with one site on Feeder Road in Bristol.

“Since then the business has grown into what it is today – a modern, progressive and award-winning motor dealer group.

“It is the intention for Wessex Garages to continue in its existing format for the foreseeable future.

“The company will still be known as Wessex Garages and I will continue as the managing director to ensure continuity.

“Our existing business partners and manufacturers have been most supportive in working with us and we would like to thank them for their support and patience.

“Rest assured it will be business as usual for all our staff and customers, and we’re looking forward to a highly prosperous and successful future under our new ownership.”

The AMi database shows that Wessex Garages achieved a turnover of £136,060 in 2014, an 11% increase on the 2014.

In December 2015 the group completed the £5m development of a new Bristol site, at Cribbs Causeway, to creat the largest stockist of used Nissans in the South West.

The move came hand-in-hand of a £300,000 upgrade of the facility’s workshops.

Wessex Garages has outlets in Bristol, Cardiff, Gloucester and Newport, representing the Nissan, Kia, Fiat, Alfa Romeo, Abarth (one of only 14 dealers in the UK), Renault, Dacia  and Hyundai ranges of cars and commercial vehicles.

Advising on the Wessex Garges acquisition for VT Holdings were Brabners LLP and ASE, while TLT LLP and Smith & Williamson advised Wessex Garages.

 

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