Stoneacre are pleased to announce the acquisition of Huntson Holdings Plc, T/A Autoworld for an undisclosed sum, in a deal managed by UHY Hacker Young’s Automotive Partner, David Kendrick who represented Autoworld.
Stoneacre, one of the top 30 dealer groups in the country, already operate 32 locations with turnover in excess of £440m. The acquisition of Autoworld will increase this by an additional £85m as part of their strategy to expand the group to a target of £1bn turnover.
Information about Autoworld
The Chesterfield-based group operates the Citroen, Alfa Romeo, Hyundai, Fiat, SEAT, Suzuki, Volvo, Triumph and Harley Davidson brands. The company employs c230 people and as at 31/12/14 delivered a profit before tax of £1.4m on turnover of £78m, with Net Assets of £10.4m.
The Preistnall family who owned Huntson Holdings Plc have decided to focus their interests outside of the automotive industry moving forward.
The future of Stoneacre
This will be the largest acquisition that Stoneacre have made since its formation in 1994.
Group Managing Director, Shaun Foweather said:
“We are delighted to announce the acquisition of Autoworld which extends our relationship with a number of manufacturers. It also firmly highlights our strategy to grow Stoneacre as a group across the UK.
The business we are acquiring has a history of strong profits due to some great people working there and we very much look forward to welcoming them into the Stoneacre family.”
Comment from David Kendrick, Partner, UHY Automotive
“Autoworld is a fantastic business that has delivered strong profits for a number of years now. This transaction again highlights the fact that the larger groups are continuing to consolidate and is a statement of intent from Stoneacre that they are looking to grow to this £1bn turnover target.”