Riverside Motor Group has acquired Peter Stockill Limited, which represents Seat and Chrysler Jeep in Hull, for an undisclosed sum.
The acquisition comes following Pat Stockill’s decision to retire from the industry, taking the group’s franchise portfolio to five.
Director of Riverside Mark Denton said: “We are delighted to have purchased Peter Stockill Limited which is a hugely well-known and respected business in the Hull area. The business fits perfectly for us geographically and we are excited about the prospect of a second SEAT dealership in the group. I look forward to welcoming our new colleagues into the group and driving the business forward.”
UHY Hacker Young partner David Kendrick assisted with the transaction, he said: “This is the third automotive sale we have completed in the past week and it appears that the transactional activity levels are set to continue. There is a pent-up demand of buyers out there, enabling dealers looking for an exit path to maximise value and achieve strong sale values.”
The group already operates Volvo, Seat, Isuzu and Mitsubishi franchises in Yorkshire and has been trading since 1982.