Steven Eagell Group has confirmed its acquisition of Inchcape’s Toyota dealership in Oxford, over three weeks after AM initially reported the transfer.
Completion of the transfer takes the Milton Keynes-based AM100 automotive retail group to 32 places with the Japanese OEM and its premium sister model Lexus – comprised of 23 Toyota dealerships and 9 Lexus.
It’s Steven Eagell’s first acquisition because it secured the acquisition of 4 Toyota and two Lexus automotive dealerships within the West Midlands from the Vantage Motor Group in March 2020.
Chief government Steven Eagell mentioned: “I’m more than happy to verify we have now accomplished the acquisition of the Toyota Centre in Oxford from Inchcape Retail Ltd.
“That is an thrilling alternative to additional our relationship and success with Toyota. It’s a nice match for us each strategically and geographically and is a long-established and profitable enterprise, so we’re delighted to be including this centre to the group.”
Eagell added: “Our preliminary precedence would be the integration of the brand new enterprise into the group, with minimal disruption.
“We’re very a lot wanting ahead to welcoming new workforce members and dealing with them to proceed to supply a first-class service to each current and new prospects.”
Inchcape UK CEO George Ashford mentioned that the sale of Toyota Oxford was in keeping with Toyota’s total technique to reshape their market areas within the UK.
He added: “While we not too long ago accomplished the acquisition of Toyota Warrington from Bentleys Motor Group, reflecting our robust presence within the north, Steven Eagell has a long-standing historical past within the South making them a very good enterprise to tackle the well-established and profitable Oxford centre.”
Inchcape’s disposal of the Toyota website in Oxford follows a restructure of its operations overseen by former chief government James Brearley, who described the plan in a profile interview with AM final yr.
At that time, the PLC accomplished the sale or closure of 20 dealerships within the house of two years and the lack of the ‘retail’ classification from its London Inventory Change itemizing as its international focus shifted in direction of distribution.
It’s now delivering progress within the type of rebranded and increasing used automotive retail division bravoauto.
Steven Eagell has delivered fast progress since AM final profiled the enterprise again in 2016.
Then, the group had simply accomplished the addition of Toyota dealerships in Peterborough, King’s Lynn and Bishop’s Stortford with the acquisition of websites from Marshall Motor Group and Hills Toyota.
In 2021 it ranked twenty eighth within the AM100 after delivering an annual turnover of over £514 million in 2020, having grown from £114m in 2015.
In 2021 the group delivered turnover progress of 37% to £713m, with pre-tax earnings up 53.3% at £25.8m.
It’s now set to rise additional up the rankings.