Vantage takes total dealerships to 25 with trio of acquisitions in £13m Deal

Vantage, the Yorkshire-based motor retailer, has expanded its portfolio of dealerships to 25 across the North with the acquisition of one Lexus and two more Toyota sites in Yorkshire.

Located in Leeds and Wakefield, the three dealerships were formerly operated by the Benfield Group which was recently acquired by Lookers plc.

The new additions take the total number of Vantage Toyota dealerships to 12, making it one of the largest Toyota groups in the UK.

The deal, which will cause staff numbers to reach 600 and annual turnover pass the £200m mark, saw Vantage pay £12.68m for the three dealerships.

In addition, the motor retailer will invest a further £1m in upgrading the sites.

Mark Robinson, the founder and managing director of Vantage Motor Group, which is headquartered in Harrogate, said: “This is not about doing deals for the sake of doing deals but because they make a perfect fit – strategically, geographically and culturally. Vantage and Benfield share a philosophy of putting employees and customers at the very heart of business and matching both with great products.”

Mr. Robinson, who is also Chair of the Toyota Dealer Council in the UK, added: “These latest acquisitions cement our relationship with Toyota and reinforce our ambition of being a regionally based, national force in the industry, recognised not just for the excellent range of vehicles we sell but for the outstanding level of customer service we deliver and the career opportunities we provide for our staff.”

Vantage now represents eight manufacturers – Toyota, Lexus, Kia, Skoda, Citroen, Mazda, Honda and Hyundai.

Vantage is the trading name of the Meridian Motor Group where Lookers plc Chairman Phil White is a 30% shareholder. The deal for the three sites is a related party transaction on Stock Exchange Listing Rules

Vantage were advised on the deals by Walker Morris, Colliers CRE and Grant Thornton with funding provided by Toyota Financial Services.

The Walker Morris team was headed by Tom Mieszkowski and Judith Pike, with Colliers CRE headed by David Chittenden.

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