Tetrosyl buys MotorMania, securing 50 jobs in the Midlands
MOTORMANIA has been bought out of administration by Lancashire-based retail automotive and biking store firm Tetrosyl Group.
It is suggested the deal will save 50 Midlands jobs.
Tetrosyl has agreed to buy 11 MotorMania stores from David Bennett and Paul Addison of accountants Grant Thornton, joint administrators of Richard C. Hartley who ran MotorMania and sister company Midland Car Parts. No sale price has been disclosed.
Midlands-based MotorMania went into administration at the end of May. Established 25 years ago, it is one of the largest independent motor accessory and parts suppliers in the Midlands and North, with 17 branches supported by the Midland Car Parts factory and distribution hub in Derby. Some 92 people were employed across the business.
Tetrosyl Group has added to its chain of Motor-World BikePlan stores with the acquisition of 11 MotorMania stores. The deal takes the group to almost 100 stores and includes four freehold properties.
Peter Schofield, chairman of Tetrosyl Group, said: “We are very pleased to announce the acquisition of MotorMania which was established over 25 years ago and whose owner we have known for many years.
“The management and staff are very solid and loyal to the business and we welcome them into Motor-World. The 11 stores will add a further £5m of turnover and secure around 50 jobs, mainly in the Midlands.
“The MotorMania business is very well run and profitable, but could not continue to service the long-term property debt within the group.”
Grant Thornton’s David Bennett added: “During the sale process we knew MotorMania had real value to the right buyer.
“In what remains a tough retail environment we are very pleased to have sold the business to Tetrosyl Group, which is ideally placed to drive it forward into the future.”
Tetrosyl Group has an annual turnover of around £170m and employs more than 1,200 staff, mainly in the UK.
