Marshall takes over ten sites across Devon and Somerset
Private motor dealer group Marshall has announced it has completed the takeover of the Audi, Skoda and Volkswagen (passenger cars and commercial vehicles) businesses in Devon and Somerset, from Silver Street Automotive.
The full deal includes ten businesses – Audi Exeter, Plymouth and Taunton, three Volkswagen cars businesses in Barnstaple, Bridgwater, Taunton, two Volkswagen commercial vehicles businesses in Barnstaple and Bridgwater, Skoda in Barnstaple and the Trade Parts Specialist business in Exeter.
The acquisition takes the total number of franchised dealerships in the Marshall portfolio to 70. Under the terms of the agreement, all 324 colleagues at the sites have transferred to Marshall, taking the headcount at Marshall to around 2,300. The combined group’s turnover for 2012 is £927m with Silver Street accounting for £115m.
In a statement, Daksh Gupta, Chief Executive at Marshall, said: “This is a significant acquisition for Marshall which sees us continuing our strategy to become a national dealer group.”
“Since 2009, our underlying turnover has grown from £250m to a run rate that is rapidly approaching a billion. Seventy per cent of our portfolio is new and we have welcomed around 1,500 new colleagues to Marshall. All of our acquisitions have been funded by our own cash flows and have involved no debt. Our plan is to continue to grow the business through acquisition, but a key focus for us now is optimising the group’s performance.”
“This performance optimisation strategy is to benefit all our key stakeholders; our customers, people, brand partners and shareholders.”
Follow mystery shopping and performance improvement company, Douglas Stafford:
on Twitter @DouglasStafford
on Facebook facebook.com/douglasstafforduk
