Hendy Group has announced the acquisition and opening of a new used car and van store in Portsmouth as part of an ongoing expansion which is set to drive a countinued rise in annual turnover.
The AM100 group, reported a 42% rise in annual turnover in annual results published earleir this month, is set to buy Unbeatablecar Portsmouth in the city for an undisclosed sum.
Once rebranded, refurbished and restocked it will open for business on July 1, retaining all existing staff.
Hendy Group's chief executive, Paul Hendy (pictured), said: “The new site will enable us to offer up to 500 used cars and vans in one easy to access location in Anchorage Road and we look forward to providing buyers with the high quality they have come to expect from the Hendy Group.”
The news follows the Groups acquisition of Lifestyle Europe car dealership group, resulting in a 42% rise in annual turnover to £532.8 million (2016: £375m) and profit before tax of £7.6 million (2016: £2.9m) for the period to December 31, 2017.
Once the Portsmouth store is opened, it will join other Hendy Portsmouth operations such as its Ford, Honda, Kia and commercial vehicles.
In addition to the used cars and vans the site will also offer full car and van servicing facilities with a 20-bay workshop, bodyshop and Smart Repair.
Hendy said that once the deal is complete at the end of June the site will close temporarily to allow for restocking of vehicles and refurbishment.
The Hendy Academy, recently awarded IMI accreditation, will also relocate to the Anchorage Road site.
“This acquisition provides a tremendous addition to the Hendy portfolio. It will be our largest used vehicle operation to date and is part of our ongoing expansion plans in the south,” said Hendy.
Unbeatablecar director, Mark Sopp, said: “Portsmouth is a great facility and we are thrilled that Hendy is to buy this operation.
"This in turn gives us the opportunity to focus on the ongoing expansion of our online operations and Crawley hub.
“Our online business continues to grow and our future is very much in providing good value quality cars and operating from one central location.”