Richard Alexander sold to Sytner

YORKSHIRE-BASED motor group Richard Alexander, which has a turnover of £140m, has been sold by receivers to national rival Sytner Group, saving 300 jobs.

Joint administrative receivers Graham Newton and Toby Underwood, business restructuring partners at BDO Stoy Hayward in Leeds, have completed the sale of five of Richard Alexander’s six dealerships to Leicestershire-based Sytner.

The deal includes Richard Alexander’s three VW dealerships in Leeds, Huddersfield and Harrogate and its Audi and SEAT dealerships in Huddersfield.

The remaining VW dealership in Otley has been closed and the staff made redundant.

Privately-owned and family run Richard Alexander saw adminstrative receivers appointed on Friday after struggling with sales because of the economic downturn.

Mr Newton, at BDO Stoy Hayward, said: “I am delighted to be able to confirm that we have sold five of the six dealerships to Sytner Group and, in the process have saved 300 jobs.”

Sytner Group managing director, Gerard Nieuwenhuys commented: “We are delighted to acquire these businesses within such a short space of time. Audi Huddersfield runs continuously with our current Audi businesses and the acquisition has provided us with the opportunity of entering the Volkswagen and SEAT brands in a fantastic territory.

“I would like to reassure all customers that the businesses our now in a sound financial position and we look forward to the opportunity of serving their needs for many years to come.”

Sytner Group operates from 93 sites across the UK representing 22 different motor brands. It is owned by the Detroit, Michigan-based Penske Automotive Group.

Wendy Harrison of law firm DLA Piper’s Leeds office advised Sytner.

Any customers with concerns about their vehicle should contact their Richard Alexander garage for more details or telephone 0161 8177 561.