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Management buy-out completed at 'Beechdale Motor Group'
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Flint Bishop has helped two childhood friends from Derbyshire complete the buy-out of one of the East Midlands’ most prominent family-owned Motor Groups.
John Oldfield and Gary Siddall completed the deal to take ownership of Beechdale Motor Group after the retirement of Les Waterfall, who founded the company along with Mike Wood in September 1982.
John, who was already a director and shareholder, now holds a majority stake in the company, with Gary taking part ownership of the group, which is based at the Parker Centre on Mansfield Road in Derby.
The deal was completed by a team of Derby professionals including Ran Oren, partner & head of corporate at Flint Bishop, tax partner Stuart Peck and business services director David Nelson from accountants and business advisors Smith Cooper.
The group now sells around 700 cars a year and is the main dealer for Alfa Romeo, Hyundai, Isuzu and SsangYong. It also sells a range of quality used cars.
Commenting on the deal, Ran Oren, partner and head of corporate at Flint Bishop said:
“The deal has enabled a smooth transition of the business to the new owners, who have a vast amount of experience in the retail motor industry and exciting plans for the future. Succession planning remains important in this climate and continues to deliver value for sellers and opportunities for their successors."
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