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The three-pointed star is in the ascendant for Yorkshire and Lincolnshire Mercedes-Benz dealership H and L Garages, after a successful management buyout.
Now new owners Managing Director Brett Whittingham, Financial Director Peter Worsnup, supported by finance partner Endless LLP, are looking forward to a bright new chapter in the company’s long and successful history.
In a deal worth some £8.5million, the two have taken control of the company from former owner PD Ports Group Ltd.
A delighted Brett Whittingham said: “We’re very excited to announce the completion of this deal and are looking forward to building on the excellent track record that H and L has established over the years.”
H and L Garages was established more than 30 years ago and has grown consistently since then. The company now has a network of six sites stretching from York to Boston, and has won the prestigious Mercedes-Benz Dealer of the Year Award no fewer than four times.
Brett and Peter both joined H and L in 2003, bringing extensive commercial vehicle industry experience to their roles. Since then the company has invested heavily in its network of sites, opening a new dealership in York and refurbishing and extending facilities at Scunthorpe, Lincoln and Boston.
“The company has performed well under the ownership of PD Ports, but at the same time it became increasingly clear that it didn’t really fit into PD’s core business in the ports and shipping sectors,” Brett continues.
“Now we are looking forward to focusing more sharply than ever before on providing the highest levels of service to both existing and new customers across all of the areas that we serve. The fact that we’ve put our money where our mouths are shows just how committed we are to the future success of H and L Garages.
“It also underlines the strength of our relationship with the manufacturer, as well as our faith in the long-term prospects of what is undoubtedly the finest range of commercial vehicles available today.”
H and L Garages sells and supports the entire Mercedes-Benz truck and van range, from the 2.7-tonne Vito to the mighty 44-tonne Actros tractor unit, as well as the Mitusbishi Fuso Canter family of light trucks, from sites in South Killingholme, Hull, York, Scunthorpe, Lincoln and Boston.
Phillip Tate, the Endless Director who led the transaction, commented: “This further demonstrates our support for strong regional buyout teams in businesses with market-leading positions. The MBO was completed in an accelerated timeframe, with a fresh approach required to structuring the deal, in an industry not normally associated with private equity transactions.
“We believe that H and L is ideally positioned to become the number one Mercedes-Benz commercial franchise and take advantage of the ambitious growth strategy of Mercedes-Benz.” |
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