The family-run Harwoods Group has sold its JLR franchises to a Dubai-based investment group as part of a drive to ‘resize and reposition’ the car dealer.
The automotive retailer is selling its Jaguar Land Rover sites in Basingstoke, Chichester, Brighton, Crawley and Croydon to the Middle Eastern DXB Investments.
The group has also struck an agreement to take on Harwood’s BMW, Mini and Volvo authorised repairer operations for an undisclosed fee.
Bosses say that no jobs will be lost as a result of the takeover, which reflects DXB’s commitment to ‘excellence and innovation’.
The proposed sales have already received shareholder approval and will see the sites rebranded under the new name ‘Southeast Motors’.
Confirming the news, Harwoods Group Chief Executive Archie Harwood said: ‘It has been our pleasure to serve the communities in which we have represented our manufacturer partners, and it has been decided by our Shareholders that now is the right time for us to resize and reposition ourselves.
‘We are confident that the proud teams we have built up will flourish under the new ownership, investment, and best practice that DXB will bring from their own experience of our industry.
‘We will continue to invest our focus on the success, growth and development of our remaining operations.’
The latest sales represent a major shake-up for the dealer group, which was founded by Wallace Harwood, way back in 1931.
The firm is now under the control of Wallace’s son, Guy – who works as a director – and his grandson, Archie – who serves as CEO.
Reflecting on the family’s journey, Archie Harwood added: ‘We are immensely proud of the business that we have built up and the strong family business culture, which we have developed in our 94 years of trading.
‘I would like to take this opportunity to offer a sincere thank you to all our transferring employees, who have supported our family in the creation, development, and operation of these franchise locations throughout the many decades we have traded and wish the new owners of the acquired businesses, every success.’