6:11 am, October 9, 2022
Car dealership group Endeavour Automotive has bought two Hyundai dealerships and a bodyshop from Turners in a deal for an undisclosed sum.
Turners Hyundai and the MG Kerry body shop in Ipswich as well as Turners Hyundai in Bury St Edmunds will join the Endeavour group.
The acquisition increases Endeavour’s business to seven locations, representing 22 car brands.
Brothers Glen and Ian Turner sold up and decided to retire from the industry to focus on their property interests.
The deal was brokered by David Kendrick, from accountancy firm UHY Hacker Young.
The most recent accounts for the firm for 2021 show Turners made a profit before tax of £446k on turnover of £18.3m – up from £168k profit in 2020.
John Caney, CEO of Endeavour, said: ‘I am delighted to have acquired the three businesses.
‘This is a very important move for the group expanding our reach beyond our existing territory into Suffolk, creating a continuous territory from our Colchester Hyundai business.
‘The Turners business is a fantastic opportunity with a great territory and we very much look forward to welcoming the Turners colleagues into the wider Endeavour Group and building on the huge success already achieved at a very exciting time for all.
‘This acquisition further cements our very strong relationship with Hyundai UK and takes the group’s representation with the brand to seven locations.
‘I would also like to take the opportunity to thank Ashley Andrew and the senior HMUK team for their continued support for further growth and development of the group.’
Glen Turner, who ran the business alongside his brother, said he wished the new owners ‘all the best for the future’.
Deal broker Kendrick added: ‘The Turners are one of the longest established families in the automotive sector and this sale now sees them retire as Endeavour continues to grow and consolidate buying up smaller operators.
‘It makes perfect sense for John to make this acquisition as it expands their footprint with Hyundai further into East Anglia.
‘I don’t think this will be the last of the deals this year as we head into Q4 – there’s plenty of activity out there.’
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