Vantage Motor Group has acquired Charles Clark Motors’ Toyota and Lexus dealerships in Wolverhampton for an undisclosed sum – growing the group to 24 sites.
Vantage said that the acquisition of the two businesses, on Bilston Road, Wolverhampton, “cement its brand representation in the West Midlands” alongside existing Toyota centres in Tamworth, Solihull and Birmingham, where it also has a Lexus dealership.
Knaresborough-headquartered Vantage already operates 12 Toyota businesses, making it one of the largest Toyota groups in the country, as well as two Lexus dealerships.
The deal will see the 64 staff transfer from Charles Clark Motors to Vantage taking its workforce to almost 700 across 24 dealerships in Yorkshire, the Midlands and the North West.
The move to acquire the two new sites follows a strategy review which resulted in a Vantage group decision to consolidate its non-Toyota operations and grow its core relationship with the marque.
Vantage recently disposed of its Hyundai operations in Stockport and Oldham.
Mark Robinson, managing director of Vantage Motor Group, said: “This acquisition sits perfectly with the outcome of our recent strategy review and reinforces our Toyota and Lexus presence in the West Midlands.
“There has been much negative comment about the impact of Brexit on the motor industry but this is a sign of our confidence in a future where there will undoubtedly be change, driven by technological advances and Government policy, but where Toyota is already leading the market in alternative fuel vehicles and new mobility choices.”
Vantage was advised in its acquisition of the two Charles Clark Motors sites by Thomas Mieszkowski, Laura Cavell and Judith Pike of lawyers Walker Morris LLP.
Charles Clark Motors were advised by UHY Hacker Young’s Head of Automotive, David Kendrick.
Kendrick said: “With Vantage already operating the Toyota and Lexus brands in the surrounding territories it makes sense for them to acquire this business.”
In October last year Vantage Motor Group posted a pre-tax loss of £134,000 despite realising a record turnover of £262m – up 25% on 2015.
The business experienced growth in new and used cars and its aftersales departments, but said in a statement that investments in property, facilities, fixtures and in turnaround operations to restore a number of loss-making and under-performing dealerships had led to the loss in profits.
Speaking at the time, Robinson said: “Our core business remains strong and robust and we are already seeing the positive results of those investment and re-organisation decisions with group performance in the first half of 2017 significantly better than the same period last year.”