Holdcroft Group has bought single site business Sandon Road Motors for an undisclosed sum.
With the addition of Stafford Hyundai, the Midlands-based group’s Hyundai representation is brought to four with existing representation in Crewe, Hanley and Cheshire Oaks.
Sandon Road Motors was established by Bob Gasch and Bob Brinson in 1976 as a breakdown and recovery business and the owners have run the enterprise ever since.
The single site operation employs 21 members of staff and has a turnover of £9.8 million.
Darren Holdcroft, Holdcroft managing director, 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 Bobs 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.”
The owners made the following statement: “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.”