Tuesday, January 17, 2012
Sytner buys Agnews in Northern Ireland
Sytner Group has bought the Northern Ireland-based Isaac Agnew Group.
Agnews runs 16 dealerships representing nine brands and is ranked No. 22 in the Motor Trader Top 200 with annual turnover of £338.9m.
Sytner is the No. 2 dealer group in the UK with annual turnover of £2.4bn.
Funding for the acquisition was provided by Royal Bank of Scotland by means of a four year term loan. In December Sytner’s owner, the US based Penske Group announced that it had received £110m credit facilities to expand Sytner in Britain.
The management team under managing director Yuile Magee will transfer with the business.
David Agnew, ex-chairman of the group, said: “I am pleased that we are selling our business to Sytner who will provide a similar culture and environment to Agnews, a culture that rewards, respects and develops individual talents.”
Sytner group managing director Gerard Nieuwenhuys said: “We are delighted to be acquiring a very successful group with a similar brand portfolio as Sytner in a new geographical region.
“We are excited by the prospect of working with a very talented and loyal management team who I am sure will make an important contribution to the wider Sytner Group”.
DATED: 17.01.2012
FEED: MT
