1:51 pm, July 23, 2024
Big Motoring World has completed the purchase of three sites from axed used car supermarket group Carshop.
Car Dealer reported last week that the Kent-based outfit was in talks over multiple premises, after Sytner killed off the CarShop name as part of a major-shake up of its operations.
Now, less than a week later, the firm has confirmed deals to take over sites in Camberley, Norwich and Sheffield.
The Sheffield and Norwich sites will be opening from tomorrow (Jul 24), while the newly completed Camberley store will follow later in the year.
Commenting on the acquisitions, Laurence Vaughan, CEO of Big Motoring World, said: ‘The CarShop acquisition will take Group turnover to more than £1bn on an annualised basis, approximately doubling since 2022 and represents a huge step towards achieving our medium term plans.
‘We have managed to substantially grow Big whilst delivering strong profits in a market that many competitors have found extremely challenging.
‘The Big Motoring World model is built on providing outstanding value to customers backed up by excellent customer service. I am confident that we can continue to grow our brand to be the outstanding business in our sector.
‘I would like to welcome the more than 170 CarShop team members who have joined Big and assure them that we will invest in what are already good businesses to help take them to the next level.
‘I should also like to thank all of my colleagues who have worked so hard on this transaction and on delivering for all our stakeholders regardless of market conditions.’
Big Motoring World has also made no secret of its desire to grow, following on from a period of turbulence in the board room.
Earlier this year, founder Peter Waddell was ousted in a move which is currently subject to High Court action.
Waddell recently lost an attempt to gain a temporary injunction, which would have seen some of his rights at the company restored, with a judge labelling him ‘highly disruptive, hostile and offensive’.
The deal with Carshop will no doubt have been helped by the presence of Vaughan, who is himself a former boss of Sytner.
He enjoyed a lengthy period of success at the Car Dealer Top 100 group and headed the team that saw the business grow from a single BMW dealership in Nottingham into a luxury car group with annual revenues of more than £5bn.
His tenure also included Sytner’s initial public offering on the London Stock Exchange in 1997, as well as its sale to US-based Penske Automotive Group in 2002.
