Car dealership expands empire in Wiltshire
Wiltshire-based Platinum Motor Group has acquired Pebley Beach in a deal that adds two new car dealerships to the group’s portfolio.
The Platinum Motor Group (Platinum) is a family run business that operates a number of dealerships across the South West and has a wide portfolio of brands including Renault, Vauxhall, Nissan and Toyota.
The acquisition of Pebley Beach, which has dealerships in Cirencester and Swindon, will support Platinum’s geographical expansion whilst expanding its existing Hyundai business and also welcome Suzuki into its portfolio.
The deal was triggered by the retirement of Pebley Beach owner and managing director Dominic Threlfall.
As a longstanding advisor to Platinum’s parent company, Renrod Holdings, FRP Corporate Finance was selected to provide buy-side support on the deal.
FRP’s Bristol-based team, led by partner Mark Naughton and associate director Freddie James, supported negotiations between the two parties and helped to agree the purchase price, before project managing the deal through to completion.
Mark Naughton, partner at FRP Corporate Finance, said: “We have a strong relationship with the team at Platinum that is built on years of collaboration, so it was a pleasure to work with the directors and senior management once again to deliver such a positive outcome for the business.
“By expanding geographically and building on its portfolio of brands, this acquisition presents an excellent strategic fit for Platinum as it builds its presence across the South West. Inflation and high input costs have impacted many automotive dealers and acquisitions such as this helps to build economies of scale and leave operators well placed to capitalise on increasing demand as market conditions improve.”
Jeremy Cuff, managing director at Platinum Motor Group, added: “Pebley Beach is a well-established business in Swindon and Cirencester and we’re looking forward to integrating our operations as they continue to provide a top-class service to the region’s drivers.
“Dom’s leadership and the good work of his team has created and maintained a business that is highly respected locally and within both Hyundai UK and Suzuki UK. Its renowned for providing excellent service and customer care. With Dom’s decision to retire, it is now our job to ensure that the good work and reputation of the business is maintained well into the future.”
The Bristol-based team at Thrings Solicitors led by Mike Tomlin and Georgina James acted as buy-side lawyers on the deal, while Gardner Leader provided sell-side legal advice
