Record Gilder Group deal for JCT600
YORKSHIRE car retailer JCT600 has bought £200m turnover Sheffield-based Gilder Group for an undisclosed eight figure sum.
The deal includes nine of Gilder Group’s car and commercial vehicle dealerships, two parts depots and a body shop located across the region.
Bradford-based JCT600 has acquired Gilder Group from outgoing chief executive Garry Scotting.
The acquisition will strengthen JCT600’s presence in South Yorkshire, Derbyshire and Nottinghamshire, and takes the business to a total of 50 dealerships.
It also increases JCT600’s workforce from 1,350 to more than 1,800 with all jobs being retained and sees JCT600’s turnover jump to more than £850m.
John Tordoff, chief executive of JCT600, said: “This acquisition is another leap forward for us as a group, strengthening our coverage geographically and adding some more strong dealerships to the group.
“We are growing our workforce by a third, adding over 30% to our revenues and taking on nine new dealerships, making this the biggest deal JCT600 has ever done.
“In 2009 we acquired York and Hull Audi from Gilder Group and so we know from that experience that we are buying a business with fantastic staff, loyal customers and high standards of care. Garry has built a solid, profitable business since he took control of The Gilder Group in 2002, and one that will dovetail perfectly with our existing operations and give us further economies of scale and increased buying power.”
Mr Scotting, who joined the company in 1985, said: “The group will continue to have a presence in Sheffield as we have chosen to retain our three Gilder Honda sites. And, even though I am retiring from the business, I will retain shares in the group and support the Gilder Honda team to grow.
“The acquisition marks an end of an era for me, one of which I am extremely proud. My first interaction with Volkswagen and Audi came in 1980 at Gordon Lamb. After joining Gilders in 1985, I was able to further pursue my career with the brands and when I was given the opportunity of taking control of the group 11 years ago it was a business opportunity not to be missed.”
A team from Yorkshire law firm Gordons led by head of corporate James Fawcett advised JCT600.
James Sparling of Lloyds Bank Commercial Banking and Peter Helliwell of HSBC provided the funding package to support the acquisition and to refinance the enlarged group in preparation for further expansion in the future.
The Gilder Group was established in 1938 by William Gilder in Sheffield, and was the first Volkswagen dealership to open in the UK in 1953.
Family-owned JCT600 has grown to represent 21 vehicle brands from Audi, Bentley and Ferrari to Porsche, SEAT and Volkswagen.
