Deal gets motoring for Yorkshire garage
ONE OF Harrogate’s longest-established vehicle service and MOT testing centres has been acquired in a management buyout (MBO).
Western Garage, which is thought to have been founded in the early 1900s, has been acquired by its manager of the last 11 years Paul Atkinson and mechanic, Andy Barker in a deal backed by Yorkshire Bank’s Harrogate financial solutions centre (FSC).
The two new directors have acquired the business, which has more than 2,000 regular customers, from previous ownerJohn Greenwood for a significant but undisclosed sum.
The acquisition includes the garage, its premises and equipment and the business it services.
Mr Atkinson said: “This deal was always part of John Greenwood’s succession strategy. It allows him to retire comfortably on the proceeds of the sale and gives Andy and I a great opportunity to continue and develop the fine business where we both work.”
Western Garage, which is due to take on an apprentice, caters for all makes and models of cars for MOT testing, servicing, air conditioning, tyres, and diagnostic tests and works in tandem with other specialists including local body shop ventures.
Yorkshire Bank Harrogate FSC business partner Andy Hay, added: “We are very pleased to have completed this deal and help hand the company on to a new generation. We are very much open for business and ready to fund the right deal for successful trading companies.”
The deal was supported by the Harrogate office of McCormick’s, which provided legal advice to Paul Atkinson and Andy Barker. Berwins, represented John Greenwood.
Andrew Jackson of Knaresborough-based accountants Hayward & Co advised the new owners on financial and taxation aspects of the MBO.
Yorkshire Bank’s Harrogate FSC is part of the bank’s North Yorkshire FSC which covers the whole of York and North Yorkshire and has 35 staff including the biggest specialist agri-banking team in the bank’s UK network.
