Tue, 07 Jun 2011 | MBO/MBI
BRD Retail Limited has bought a Burton car dealership in a management buy-out deal from car retailer Inchcape in a deal worth a ‘substantial’ amount.
The newly created company began trading as Burton Kia just one day after the dealership was placed in the hands of the new owners - co-directors Adam Redpath, David Deans and Ian Bullock, who was the former Inchcape franchise’s general manager.
Mr Bullock commented on the deal, saying, “It’s safeguarded the future of the business and, more importantly, the immediate future of our colleagues. We feel very proud of that.”
Burton Kia is to continue selling used and new Kias, as well as offering non-franchise vehicles, servicing and repairs. The car dealership has yearly sales of £10 million.
The deal - which has secured 26 jobs - followed Inchcape’s decision that Kia, along with its Honda, Mitsubishi, Mercedes trucks and Volvo businesses, were non-core.
“Kia is an extremely progressive company.” Mr Bullock said “It’s my total belief in the Kia franchise and network, and just as importantly the staff we have here… that has created a family-type business which was part of a plc but is now a one-off.”
Inchcape is an international automotive distributor and retailer, partnered with Toyota/Lexus, BMW, Mazda, Mercedes-Benz and Volkswagen amongst other car brands. In the UK it offers used car sales on behalf of several manufacturers.
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