TWO friends from Derbyshire have completed the buy-out of one of East Midlands’ most prominent motor groups.
John Oldfield and Gary Siddall completed the deal to take ownership of the family-owned Beechdale Motor Group after the retirement of Les Waterfall, who founded the company along with Mike Wood in September 1982.
Oldfield, who was already a director and shareholder, now holds a majority stake in the company, with Siddall taking part ownership of the group, which is based in Derby.
Oldfield and Siddall have been friends for more than 30 years and have worked together for almost two decades. Oldfield joined Beechdale in 1988 and became general manager before being appointed director in 2006. Siddall joined the company in 1991.
The group now sells around 700 cars a year and is the main dealer for Alfa Romeo, Hyundai, Isuzu and SsangYong. It also sells a range of used cars.
Director, John Oldfield, said: ‘We are delighted to have completed the buy out from Les and would like to wish him all the best for his retirement.
‘Over the years Beechdale Motors have established a reputation as one of the leading family owner dealerships in the Midlands and we look forward to developing the business still further in the coming years.’
The deal was completed by Smith Cooper, and law firm Flint Bishop who advised Beechdale and its new owners.
Ran Oren, partner and head of corporate at Flint Bishop said: ‘The deal has enabled a smooth transition of the business to the new owners, who have a vast amount of experience in the retail motor industry and exciting plans for the future.
‘Succession planning remains important in this climate and continues to deliver value for sellers and opportunities for their successors.
Stuart Peck, tax partner at Smith Cooper added: ‘Despite the prevailing economic conditions, it is great to see that the Beechdale Motor Group has maintained its position as one of the last remaining independently owned motor dealerships in the region following its change in ownership structure.
‘We look forward to a successful working relationship with John, Gary and the wider Beechdale team.’