1:13 pm, April 1, 2022
Sytner Group has bought Specialist Cars Holdings Ltd, it was announced this afternoon (Apr 1).
The strategic deal was for an undisclosed sum and will see owners Clive Fletcher and Michael Donovan retiring from the industry.
Specialist Cars, which represents BMW and Mini in Stevenage, Luton and Tring, had been under their ownership since a management buyout in 1999.
Fletcher, who is a former Specialist Cars shareholder, said: ‘We have had an amazing journey with BMW and Mini and our fantastic team.
‘Handing the business over to a leading automotive group such as Sytner gives us full confidence that it will continue to develop and flourish, and we wish them all the best.’
Darren Edwards, chief executive of Sytner Group, said: ‘We are delighted to have completed the acquisition of these well-respected and long-standing businesses, which operate from excellent facilities.
‘As well as significantly strengthening the scale and depth of our relationship with the BMW and Mini brands, this purchase also allows us to expand the Sytner Group’s geographic footprint in this important market.
‘I would particularly like to welcome around 300 new colleagues to the group, who I look forward to meeting and to working with in the coming weeks.’
David Kendrick, head of automotive at UHY Hacker Young, who advised the shareholders of Specialist Cars on the deal, said: ‘The Sytner Group is one of the most successful and largest car retail businesses in the country and represents over 20 of the most prestigious car manufacturers in the luxury and performance sector.
‘This acquisition fits in perfectly with their existing portfolio and again demonstrates further consolidation across the sector.
‘I am sure this won’t be the last deal of this nature in 2022, based on what we are seeing.’
Specialist Cars was also advised by Caroline Litchfield at Brabners, with Sytner advised by John Gallon at DLA Piper.
Pictured via Google Street View is Specialist Cars’ Mini showroom in Tring
