PETER Stockill Ltd, the Seat and Chrysler Jeep dealership in in Hull, has been sold to Riverside Motor Group for an undisclosed sum.
Riverside, which operates Volvo, Seat, Isuzu and Mitsubishi franchises in Yorkshire, has been trading since 1982 and this acquisition takes their number of franchised trading outlets to five – and its second Seat dealership.
The business has been acquired from Pat Stockill, who has decided to retire from the industry.
Mark Denton, director of Riverside, said: ‘We are delighted to have purchased Peter Stockill Ltd, which is a hugely well-known and respected business in the Hull area. The business fits perfectly for us geographically and we are excited about the prospect of a second Seat dealership in the group. I look forward to welcoming our new colleagues into the group and driving the business forward.’
David Kendrick, partner at UHY Hacker Young, said: ‘I am glad to have been able to assist Pat with the sale of her company. Peter Stockill Ltd is a long-established business in Hull and the dealership is in a great location. Riverside is positioned extremely well to expand the business further.
‘This is the third automotive sale we have completed in the past week and it appears the transactional activity levels are set to continue. There is a pent-up demand of buyers out there, enabling dealers looking for an exit path to maximise value and achieve strong sale values.’
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