Group 1 Automotive yesterday announced the acquisition of Spire Automotive Limited.
Spire currently operates 12 sales and service dealerships in the North and North West of London.
The group includes four Audi dealerships, three BMW/MINI dealerships with a BMW aftersales centre, two Seat dealerships, one Skoda dealership, one Volkswagen commercial vehicle dealership, and one Jaguar dealership.
The dealerships, which will continue to operate under the Spire name, are expected to generate approximately £450 million in annualised revenues in 2016. This acquisition broadens Group 1’s UK representation to 29 dealerships, which includes existing BMW/Mini, Audi and Ford operations.
David Kendrick, head of automotive, represented Spire Automotive in the sale and managed the deal which was completed for an undisclosed sum.
“This acquisition sends out a clear message of intent from Group 1 who continue to grow and expand within the UK marketplace. Spire has been a huge success story since its incorporation as a sponsored dealer back in 2006.
Darren, Kim and the management team have grown the group successfully in a short space of time to being one of the country’s leading premium businesses which Group 1 will no doubt continue to develop moving forward.”