Car buying firm snapped up in major deal
A fast-growing independent consumer car buying company, which sells over 10,000 cars nationwide on behalf of car owners, has been acquired in a major deal.
Aston Barclay has completed the purchase of Wakefield-headquartered The Car Buying Group (TCBG) with immediate effect.
Aston Barclay’s new Wakefield Mega Centre will become home to TCBG, with current CEO Tom Marley moving his 30-strong team to the 18-acre site when it opens in quarter four.
Marley will continue to run the business with his current management team and there are plans to double the size of the company and its workforce over the coming years.
The Car Buying Group won the Fast Growth award at TheBusinessDesk.com’s 2018 Yorkshire Business Masters Awards.
Tom Marley, TCBG’s CEO, said: “We have had a great journey over the past few years in launching and building the business. Becoming part of the Aston Barclay family will provide further support and investment to speed up that growth, and for our brand to become a household name with consumers.
“Our senior management team have known and worked with TCBG for several years and we have admired what they have achieved whilst up against bigger corporate competitors,” explained Neil Hodson, Aston Barclay’s CEO.”
He added: “The acquisition is a perfect fit for the group as it provides us with extra volume and access to new technology which we can offer to dealer and vendor customers. We will grow the business on a national basis over the coming years.
“Our new Wakefield Mega Centre will immediately become a dynamic place to work as the TCBG team of 30 joins the 40 staff from our Leeds auction. With 75,000 square feet of auction and office space, we have plenty of capacity available for further growth.”
As part of the acquisition, Aston Barclay were advised by Dentons UK and Middle East LLP and FRP Debt Advisory. TCBG meanwhile were advised by Freeths LLP and Dow Schofield Watts.
