12:46 pm, December 11, 2023
The American owner of Sytner Group is expanding further in the UK after agreeing a deal to buy the Rybrook chain, it was announced today.
Penske Automotive Group is snapping up Rybrook’s 15 premium dealerships, comprising four BMW showrooms, four Mini locations, four Volvo sites, two Land Rover dealerships and one Porsche showroom.
Three of the BMW site also sells BMW Motorrad motorcycles.
Sytner Group CEO Darren Edwards said the deal would see Rybrook become part of Sytner Group and wouldn’t be run separately.
‘We are delighted to announce this transaction,’ he said. ‘The Rybrook dealerships represent exceptional brands with a strong commitment to providing exceptional customer service.
‘We look forward to continuing this legacy and welcoming these franchises to our team.’
Penske said the Rybrook dealerships pull in an estimated annual revenue of $1bn (circa £795m).
Regulatory approvals have been received, and the purchase – for an undisclosed sum – is set to be paid for out of Penske’s own money, with the deal expected to close next month, subject to customary conditions.
David Kendrick, of chartered accountants UHY Hacker Young, told Car Dealer: ‘This is another significant purchase for Penske and a great bolt on to their existing portfolio.
‘They are now some serious force to be reckoned with – it will be interesting to see what happens with the remaining Rybrook businesses.
‘Perhaps these will be retained in a smaller super-premium portfolio or end up elsewhere with the OEM influence.’
Rybrook is ranked 24th in the latest Car Dealer Top 100 of the UK’s most profitable dealers, with Sytner in second place.
Pictured at top via Google Street View is Rybrook’s Mini showroom in Stratford-upon-Avon
