In case you didn't know...
Reg Vardy have bought all the previously Co-Op owned car dealerships. This being Priory Motor Group.
This means Priory BMW are now Victoria (Tyneside) BMW. The same applies for the Mini dealership on site.
The acquisition includes Vauxhall dealerships in Blaydon and Gatehead, a dual Kia/Chevrolet dealership in Gateshead and a group bodyshop in Newcastle.
Vardy's now own 3 BMW dealerships.
The purchase price was a very low one - Ł15.5m - as Co-Op just wanted to shed it's motor group and concentrate on retail. Vardy's were the only group with the cash at hand...so in they went.
Bill Oliver, Managing Director of Priory Motor Group said:
"There have been colossal changes within the sector over the past two years and to compete effectively size has become increasingly important. We estimate that we would need to treble the size of our business to achieve long-term success. It is therefore in the best interests of our staff and customers in the North East to join one of the biggest groups in the UK motor trade."
Sir Peter Vardy, Chief Executive of Reg Vardy plc said:
“This is a significant acquisition for the Group. The BMW and Vauxhall dealerships represent a further strengthening of our manufacturer relationships in these prime franchises. The franchise expansion gives us the opportunity for future growth and we hope to make further announcements with regards to additional Kia representation in the near future.”
Edited by Coasting
Vardy’s buy all Co-op owned dealerships
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