2:34 pm, August 25, 2023
Hedin Automotive has completed its takeover of UK car dealer Stephen James Group, it has been confirmed.
Car Dealer reported last month that the Swedish organisation had agreed a deal to purchase the BMW and Mini dealer for an undisclosed fee.
The firm has now confirmed that all shares in the dealer group have now been transferred to Hedin Automotive Ltd, bringing the acquisition to a close.
It means that Hedin now takes on responsibility for Stephen James Group’s 400 employees and five dealerships in Enfield, Woolwich, Bromley, Ruxley and Blackheath.
Following the acquisition of Stephen James Group, Hedin now represents BMW, Mini, Mercedes-Benz and Smart in the UK with a total of 14 sales points and nine workshops within the Greater London Area.
Commenting on the deal, Anders Hedin, founder and CEO of Hedin Mobility Group said: ‘We extend a warm welcome to our new dedicated and skilled co-workers within Stephen James to Hedin Mobility Group.
‘By adding these BMW and Mini businesses to our current Mercedes-Benz operations, we stand on a foundation of leading brands, first-class retailers, and outstanding staff.
‘This gives us excellent conditions for success and further growth in the important UK market.’
The news follows Hedin’s purchase of four Mercedes-Benz dealerships in London in May plus its announcement last month that it was looking to raise some £110m for future acquisitions.
The company also holds shares in Pendragon and failed in an ambitious £400m takeover bid late last year.
The firm’s latest half year accounts show the outfit made a net profit of £39.7m in the first six months of 2023.
Bosses said the results were ‘weighed down’ by a drop in sales throughout Europe as well as rising costs across the business.
