Gates Group has acquired four car dealerships in London from TrustFord for an undisclosed sum.
The dealerships in Woodford Green, Walthamstow, Enfield and Potters Bar join Gates’ existing dealerships in Bishop’s Stortford, Hertford, Epping and FordStores in Stevenage, St Albans and Harlow.
Gates is rated 89 in the Motor Trader Top 200 with annual turnover of £146.2m while TrustFord is rated 10 with annual turnover of £1.6bn.
Gates chairman, Heath Greenall said: “This acquisition will see Gates return to the area where my great grandfather started in 1920.The new additions to the group will complement our current locations geographically as we continue to serve our valued customers to a wider area.”
Adam Jones, member of the Birketts Motor Industry Group, which advised on the deal, said: “It has been a pleasure to advise Gates Group on its expansion plans as it builds for its long-term future.
“The motor sector is currently going through a correction, and we are likely to see the market contract a little further in the first half of 2018, but the board of Gates Group see the clear opportunities to be gained from continued M&A activity, particularly as we expect the used car market to continue to perform well.”