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Big Motoring World has completed the acquisition of three plants from second-hand supermarket organisation Carshop.
Car Dealer reported last week that the Kent-based company was in talks for several facilities, after Sytner dropped out of CarShop’s call as part of an initial restructuring of its operations.
Now, less than a week later, the company has announced deals to take over sites in Camberley, Norwich and Sheffield.
The Sheffield and Norwich stores will open from (July 24), while the new Camberley store will remain open later this year.
Commenting on the acquisitions, Laurence Vaughan, chief executive of Big Motoring World, said: “The acquisition of CarShop will increase the group’s turnover to over £1 billion on an annualized basis, approximately doubling from 2022 and represents a major step towards the fulfillment of our objectives”. medium-term plans.
“We have especially managed to grow while generating strong profits in a market that many competitors have found incredibly challenging.
“Big Motoring World’s style is based on offering exceptional value to visitors, backed by appropriate visitor service. I am confident that we can continue to grow our logo into a standout company in our industry.
“I would like to welcome the more than 170 CarShop team members who have joined Big and assure them that we will invest in corporations that are already smart to take their businesses to the next level.
“I would also like to thank all my colleagues who worked so hard on this transaction and for meeting the expectations of all our stakeholders, regardless of market conditions. “
Big Motoring World has also made no secret of its preference to expand, after an era of turbulence within the board of directors.
Earlier this year, founder Peter Waddell was ousted, a resolution that is lately being challenged in the High Court.
Waddell recently lost an attempt to discharge a temporary injunction that would have restored some of his rights at the company, calling it “highly disturbing, hostile and offensive. “
The deal with Carshop will no doubt have been facilitated by the presence of Vaughan, Sytner’s former boss.
He enjoyed a long era of good fortune within the Top One Hundred Car Dealer organisation and led the team that saw the company grow from an undisputed BMW dealership in Nottingham to a luxury car organisation with an annual turnover of over £5 billion.
His tenure also included Sytner’s initial public offering on the London Stock Exchange in 1997, as well as its sale to the U. S. organization Penske Automotive in 2002.
Jack joined the car dealership team in 2021 as an editor. In the past he worked as a journalist for a national newspaper of the BNPS news agency. He has provided motoring news and reports for several national publications including The Sun, The Times and The Daily Mirror.
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