Former Pentagon chairman Trevor Reeve has joined the board of Direct Valeting as chairman following the business’ acquisition in a management buy-out (MBO).
Led by managing director Jason Carpenter, acting alongside operations director Steve Brown, and finance director Lesley Murphy, the MBO saw the long-time leadership team claim ownership of the business from previous owner Alcentra Investment Management.
Carpenter said: “I am delighted that we have completed the management buy-out, along with Steve and Lesley.
“Due to the hard work of everybody within the team at Direct Valeting and having a great customer base, we can continue our growth during challenging times, and I am personally very proud and honoured to continue taking the company forward and look forward to further success.”
Carpenter said that Reeve’s addition as chairman would bring a wealth of knowledge to Direct Valeting’s board, which would “benefit the company moving forward”.
The Newcastle under Lyme headquartered automotive retail supplier already serves over 450 clients in the sector, including AM100 groups Lookers, Pendragon, Sytner, TrustFord, Perrys, Renault Retail Group, Pentagon and Listers.
Carpenter added: “With Trevor joining the Board, I believe with his help and guidance that this will bring an enormous benefit and direction and I am looking forward to working closely with him.”
Reeve started Pentagon with a Vauxhall franchise in 1991.
The business went on to represent Peugeot, Seat, Mazda, Kia, Renault, Fiat, Alfa Romeo, Nissan, Mitsubishi and Jeep.
By the time of its acquisition by South Africa’s largest car retail group – the Motus Corporation – in 2017 it operated 21 retail dealerships in Derbyshire, Nottinghamshire, Lincolnshire, Yorkshire and Greater Manchester and employed around 1,262 people.
The Motus Corporation, the vehicle division of Imperial Holdings SA, acquired the Derbyshire-based group for a sum reported to be R493-million (£28.5m).
In April this year Pentagon announced the appointment of former Peugeot UK boss David Peel as managing director following the retirement of David Lewis.