Used car sales business Motor Depot has been acquired by a European market leader as a first step into the British market.
The £226 million turnover Hessle-based firm, which has 12 dealerships under the Motor Depot and CarSupermarket.com brands and a significant online presence, has been bought by Aramis Group.
The French entity has taken a majority stake in the predominantly Northern operator - where huge growth and expansion has been seen in the past eight years - in an undisclosed deal. Latest results show in the year to September 2020 it brought in profits of £4.2 million.
Guillaume Paoli, co-founder and co-chief executive of Aramis Group, said it was the right time to enter the 海角视频 market: “This transaction is the first of its kind we’ve made in the 海角视频 and represents an exciting new chapter for Aramis Group.
“The 海角视频 is the second-largest used car market in Europe and we’re confident this investment is key to accelerating our expansion strategy.
“With nearly seven million used cars sold in 2020, the 海角视频 used-car market shows no sign of slowing down. This acquisition will allow us to exceed our one-billion-euro revenue milestone and become the preferred online platform to buy a used car in Europe.”
The deal for the “pioneering platform” follows the addition of Clicars in Spain in 2017 and Cardoen in Belgium in 2018.
Stellantis, the carmaker created by the merger of France’s Groupe PSA and Italian American group Fiat Chrysler, has held a controlling interest in Aramis Group since 2016.
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Aramis has just launched its initial public offering on Euronext Paris, with the objective of supporting its development and accelerating its growth across Europe.
Motor Depot was launched 20 years ago by the Wilkinson family, initially in Hull's Clarence Street, adding Hessle in 2005. From 2013 onwards it embarked on a major expansion.
Now it operates as Motor Depot in Grimsby, Hull, Scunthorpe, Sheffield and Worksop, with the Car Supermarket brand in Barnsley, Birmingham, Hessle, Lincoln, Newcastle, Preston and Stoke.
More than 400 staff are employed, with a substantial head office function in Hessle and preparation centres in Goole and Hull.
Philip Wilkinson remains as a director alongside Mr Paoli and Nicolas Chartier, both French nationals who joined the board prior to completion. Ray and June Wilkinson, alongside Matthew Barrick, Graham Botham, Stephen Butterley and Alan Needham have all resigned their positions.
Aramis was supported in the deal by North East law firm Muckle LLP. Matthew Walsh, corporate partner at Muckle, said: “This deal is great news for the North, representing a significant investment by a dynamic and disruptive company which has the backing of one of the largest carmakers in the world.
"It brings together two established businesses with many years’ experience in the used-car sector, giving Aramis Group the opportunity to realise their growth plans and further improve the customer experience they deliver.”