Lloyd Motor Group has expanded its North East presence with the acquisition of a BMW and MINI dealership.
The Cumbrian-based group has bought Stratstone Tyneside BMW & MINI at Silverlink Park, North Tyneside, in an undisclosed deal. The business has been renamed Lloyd North Tyneside BMW & MINI and it has also launched a recruitment drive for 18 job.
Lloyd says the roles include head of business, who will oversee operations across the North Tyneside business, along with further jobs in accounts, aftersales, sales and operations. It is the latest growth for Lloyd in the North East following the launch earlier this year of Lloyd Select Newcastle in the former Cazoo premises on Scotswood Road. The specialist used car dealership has sister sites in Lloyd BMW Newcastle, Lloyd MINI Newcastle, and Lloyd Bodyshop Newcastle.
Sam Lloyd, managing director at Lloyd Motor Group, said: "We are thrilled to add such an exciting location to our portfolio and further consolidate our position in the North East and the surrounding area. We are proud of the service we offer and look forward to delivering it to an even broader audience. We are delighted to take over the business from Stratstone.
"We hope to continue their good work and can assure existing customers that they will be well looked after by our team. We want to thank Stratstone and wish them the best in future projects."
In the summer, Lloyd reported 2023 accounts which show a 16.4% rise in turnover to £870.9m and a 7.9% growth in headcount to an average of 1,168 employees. Directors said they were pleased with the performance despite challenging conditions - pointing to a rise in gross profits. Pre-tax profits fell 15.3% to £20.6m.
In April this year the group acquired N & M Walkingshaw Limited which operated VW and Kia franchises in the West of Cumbria. The firm said the investment would likely lead to new jobs, in addition to the 24 employees that joined the group following the deal.
Gary Bingley, BMW franchise director for Lloyd Motor Group, said: "We can’t wait to get into our new location and show customers, old and new, what Lloyd Motor Group is all about. Thanks to our existing BMW, MINI, Bodyshop and Select operations, we already have a strong relationship with the people of the North East, and we very much see this as an opportunity to further root ourselves into the area. We have ambitious growth plans and are thrilled to be creating new jobs and providing opportunities in the region."
Lloyd Motor Group began as a BMW retailer in Cumbria in 1976. The family-owned company has grown throughout northern England and southern Scotland since.
