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Greenhous Group acquires Southampton’s Adams Morey

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Greenhous Group has acquired £61 million turnover Adams Morey to grow its representation with Fiat vans and Daf Trucks and Ford van servicing.

The Telford-based retail group rose from 15th to 14th in the AM100 rankings last month and looks set to continue its growth in 2019 following the new acquisition, which adds to its existing commercial vehicle offering.

Greenhous Group’s turnover rose 5.7%, from 1.05 billion to 1.11 billion, in 2018.

During the same period its pre-tax profits rose by 176.4% to £2.34m (2017: £846,000).

Southampton-headquartered Adams Morey has sites in Basingstoke, Bournemouth, Eastleigh, Newport, Portsmouth, Salisbury and Southampton.

Its annual financial results for the period to December 31, 2018, show a 16.4% decline in turnover (from £73.1m) while pre-tax profit decline marginally from £642,766 to £640,736.

RSM corporate finance advised Greenhous Group on its acquisition of Adams Morey.

Steve Hubbard and Umito Choji, from RSM’s corporate finance team, supported the Greenhous Group management team on the transaction.

RSM’s Stephen Green, Mark Leyland and Dan Ayre delivered financial due diligence; and Steve Brown and Adam Gough supported on tax structuring and tax due diligence.

Martin Sweeney and Kate Fox from Schofield Sweeney acted as legal advisers to the Company.

Hubbard, corporate finance partner at RSM, said: “The deal brings together two complementary businesses which will enhance the reach and scale of Greenhous.

“We’re delighted to have supported a long-standing client to achieve the next phase of growth as the business looks ahead to the future.”

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