Steven Eagell Group has added Lexus to its portfolio following the acquisition of Lexus Hatfield from Lookers Motor Group.
The acquisition sees the group, who operate 11 Toyota dealerships in the south, take on its first Lexus dealership.
Managing director, Steven Eagell, said: “We are delighted to add the Lexus brand to our group. Lexus Hatfield is a long standing, well established and very successful business with a great team in place.
“Geographically, it is a perfect fit within the group’s territories and will complement our existing business. We are looking forward to welcoming the team into our group and working with them to continue the dealership’s growth and success.
“I have no doubt we will quickly integrate Lexus Hatfield into our group and I look forward to its contribution over the coming years.”
Steven Eagell has grown his business from a one-site operation 14 years ago to the 12 sites now operated by the group.
Last year the business yielded a £144 million turnover (2014: £118 million), with pre-tax profits of £3.5m representing a 2.4% return on sales.
Profitability is on the rise, with 2.7% achieved at the group’s headquarters in Milton Keynes and the Aylesbury operation leading the march with a 3% score.
Speaking to AM earlier this year Eagell told AM that improved profitability and turnover were key targets for the limited company, with a 3% group average and £200 million within its sights, to be achieved through “a combination of organic growth and expansion”.
Prior to the acquisition of Lexus Hatfield from Lookers, the group had already completed the acquisition of Marshall’s former Peterborough and King’s Lynn Toyota dealerships.