8:18 am, January 22, 2009
REGENT Automotive Ltd has bought 3 of H.R. Owen’s London Volvo dealerships, in a management buy-out.
The Marylebone, Colindale and Chiswick sites will now trade under the Volvo Cars London name.
It is the latest move in H.R. Owen’s commitment to dispose of all its non-specialist brands.
Regent MD Tracey Perry leads the buy-out, with financial funding from Barclays Bank and Ford Financial. It secures the jobs of 110 people across the 3 sites, which will turn over £40 million in 2009.
The deal includes Volvo’s UK flagship site in Chiswick, which opened in October and has already impressed Car Dealer.
Also joining Perry, who’s had a 26-year career with Volvo, are aftersales director Frank Fisher, plus fellow directors Barry Green and David Jaggar.
‘This is a fantastic operation with excellent potential, a loyal team of staff and a great brand in Volvo,’ said Perry.
‘The 4 directors involved also bring a wealth of industry expertise to this venture, and with Volvo sales bucking national trends and increasing in the UK, this is a great opportunity for Volvo Cars London to flourish.’
Last year, Volvo sales increased by almost 11 per cent, in a market so many makers have suffered heavily.
But what sets the new team apart? ‘We have experience, knowledge and enthusiasm of both the brand and the market place,’ said Perry. ‘We are really excited about applying this in our own way.’
Check out the new company’s website for more info – or come back to Car Dealer soon, for more background behind the deal…
