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
Trinity Motors (Hinckley) in administration
Trinity Motors, in Coventry Road, Hinckley, has gone into administration.
The firm called in accountancy firm PricewaterhouseCoopers to look for a buyer for the dealer group and its assets.
Trinity holds the Hyundai and Mazda franchises and runs a used car and parts business, as well as a garage forecourt.
The joint administrators are Eddie Williams, Tony Barrell and Matthew Hammond.
Williams said: "Trinity Motors is a long-established family business which has unfortunately been severely affected by the ongoing impact of the economic downturn.
"We are exploring the strategic options in respect of all parts of the group with key stakeholders and are looking to secure interest in the assets of the business if possible."
Hyundai UK told Motor Trader it was working with customers affected by the administration to ensure they were not disadvantaged.
“All customer deposits and prepaid service plans in place with Trinity Motors customers will be honoured by HMUK.
“Customers seeking service or parts for their Hyundai vehicles will be directed to the nearest local dealer going forward,” it said.
DATED: 17.01.2012
FEED: MT
Johnsons acquires Hyundai sites from administrators
Johnsons Cars has acquired two Hyundai dealerships in Coventry and Sutton Coldfield from the administrators of Concept Vehicles for an undisclosed sum.
Concept Vehicles appointed KPMG as administrators before Christmas. It also operated a Saab site in Cardiff which closed in December with the loss of 14 staff.
Worcestershire-based Johnsons, number 45 in the Motor Trader Top 200, operates 23 sites and represents Honda, Lexus, Mazda, Toyota, Volkswagen and Volvo. The acquisition marks the group’s debut with Hyundai and sees the transfer of 38 staff to Johnsons.
“We are pleased to have acquired these two Hyundai dealerships, which help to consolidate our position as a leading motor dealer group in the Midlands, while our new Coventry dealership sees us launch into the area for the first time,” said Mike Berwick, group operations director of Johnsons Cars.
“We are excited to add this dynamic brand to our existing portfolio, and we are looking forward to a long and successful relationship with Hyundai.”
Will Wright, joint administrator for KPMG, said Concept was hit by uncertainty over Saab prior to the carmaker’s collapse at the end of last year.
“Concept Vehicles was badly affected by Saab’s financial problems and despite taking steps to diversify its business into Hyundai vehicles, ongoing financial difficulties unfortunately led to the company having no alternative but to enter administration”.
“Following an accelerated marketing process prior to the appointment, we are pleased to have concluded the sale of the Coventry and Sutton Coldfield businesses to Johnsons Cars.”
DATED: 17.01.2012
FEED: MT
Electric Car Grant Confirmed
The government has confirmed it will continue to offer up-to £5000 off the list price of eligible ultra-low emission cars until 2015. The so-called ‘Plug-in Car Grant’, which was designed to stimulate the sales of electric and plug-in hybrid cars, had been due for review this year.
As of end-September last year, only 786 claims had been made through the scheme.
The grant provides a discount of 25% on the purchase price, up to £5,000, of eligible ultra-low emission cars. These include the Nissan Leaf, Peugeot iOn (and derivatives), Smart four-two electric, Chevrolet Volt and forthcoming Vauxhall Ampera.
The government has also announced a new ‘Plug-in Van Grant’ available to both private and business buyers of 20% purchase discount, up to a maximum value of £8,000, for eligible new ultra-low emission vans.
Transport Secretary, Norman Baker, said: “An upfront purchase grant, when combined with the lower running costs and tax benefits, can make switching to an ultra-low emission van an attractive choice for businesses. The Plug-In Van Grant, alongside the existing Plug-In Car Grant, is designed to help private individuals and businesses adopt new, cleaner technology.”
The SMMT said extending funding to the commercial vehicle world is a significant step and will be welcome news to the manufacturers of low carbon vans and those businesses looking to cut operating costs.
Each van qualifying for the Grant must emit less than 75g/km CO2, be capable of at least 60 miles between charges (10 miles in electric mode for hybrid vans), more than 50mph and to ensure safety, be approved by ‘European Vehicle Type Approval’.
DATED: 17.01.12
FEED: ARN
