Members of our national automotive team from our Manchester office were delighted to have completed three deals in the automotive sector last week.
The first transaction was advising the shareholders of TH White Limited on the sale of their Landrover business to Cambria Automobiles Plc for a total of £7.56m.
David Kendrick, corporate finance Partner and Chair of our autotmotive sector group, was lead advisor to the transaction and said:
“We have seen a lot of change in the JLR network recently and it was a pleasure to assist the shareholders of TH White with the sale of their Landrover dealership. The fit for Cambria works very well as they already have Jaguar in that territory and will no doubt build a new facility for both brands moving forward. We continue to see a lot of movement within premium franchises and expect this to continue moving forward.”
The second transaction to be completed was the acquisition of Bury Landrover for Vertu Motors Plc. Paul Daly, partner, advised on this deal which completed for £7.0m. Daly said:
“This acquisition represents a strong Landrover opportunity that Vertu have added to their portfolio enabling them to extend their territory in the North. The team and I were delighted to have advised on the transaction.”
The final transaction was also completed by David Kendrick, with the disposal of two Hyundai businesses for Arrow Automotive in Bridgend and Swansea to Hutchings group for an undisclosed sum.
With a number of other transactions remaining in the pipeline the UHY automotive team expect to remain active and are also looking to recruit a corporate finance director to strengthen their team further.
If you would like to discuss any of the above in more detail, or are interested in the corporate finance role, please contact our automotive specialist David Kendrick.