The business will spend £2.5m building the new Stockport dealership which will trade under its ‘Vantage’ name. It’ll feature a 10-car showroom, an eight bay workshop and space for 60 used cars. The development will also fill one of Hyundai’ most important open points, and will help Meridian’s turnover grow to more than £200m a year.
The group has also received planning permission to build a new 10-car Hyundai showroom in Preston on the site of an existing Vantage Toyota dealership.
Over the past year, Meridian Motor Group has more than doubled annual turnover from £65m to more than £170m. The number of sites it operates is also up – from seven in Yorkshire and Lancashire to 17 across the North of England and the West Midlands.
Mark Robinson, Meridian Motor Group managing director, said: ‘It’s been a remarkable year for Meridian and the Stockport acquisition is part of the final stage of a planned but rapid phase of growth that has seen us develop a significant Hyundai presence in Greater Manchester in under two years.
‘After growing at such a pace, it is important that, once a couple more planned acquisitions are complete, the business enters a phase of consolidation to ensure that we are able to maintain the strong values and focus on customer service that has made the Vantage name a success. ‘However. if the right opportunities develop, we won’t rule out further acquisitions in the future as long as they add value to the business.’