Walker Morris advises Vantage on second acquisition in a monthPrint news article
Latest acquisition for Vantage Motor Group brings total sites to 21.
A multidisciplinary legal team from Walker Morris has advised Vantage Motor Group on its acquisition of David Ian Limited ŠKODA in Morecambe – its first ŠKODA dealership – boosting group turnover by £8m from £215 to £223m and increasing its network of sites to 21.
The move sees ŠKODA join Toyota, Kia, Citroen, Honda, Hyundai and Lexus in Vantage’s range and follows hot on the heels of Vantage Motor Group extending its Honda penetration last month with the acquisition of Honda Bradford from Pendragon plc on which Walker Morris also advised.
The dealership will be rebranded as Vantage ŠKODA later this year and will undergo significant redevelopment to reflect the manufacturer’s new corporate identity. All staff are being retained.
Mark Robinson, Managing Director of Vantage Motor Group, said:
“We are delighted to acquire our first ŠKODA dealership. The ŠKODA brand has gone from strength to strength and its increasing appeal in the eyes of buyers complements the strong values and focus on customer service that are consistent with the Vantage name.”
Ian Gilbert and Thomas Mieszkowski from Corporate advised Vantage on the deal with assistance from Judith Pike (Real Estate), Jo Ratcliffe (Pensions) and Jeanette Burgess (Regulatory).
Thomas Mieszkowski commented:
“The acquisition of Vantage’s twenty first site and its resulting partnership with the Volkswagen Group brand is a major landmark for Vantage and a transaction that we are proud to have advised on. The acquisition of the dealership is part of Vantage’s ongoing growth strategy and reinforces its significant reach in the north of England.
Walker Morris has advised Vantage on a string of strategically important acquisitions over the years and we look forward to working with Vantage as it continues to build on its success.”
Vantage was also advised by Grant Thornton Leeds and Colliers CRE. The deal was brokered by UHY in Manchester.
Over the past year Vantage Motor Group’s turnover has grown from £65m to more than £220m. The group employs 500 people and has increased its number of sites from seven in Yorkshire and Lancashire to 21 across the North of England and the West Midlands.