Management buy-out team Regent Automotive Limited has acquired three Volvo dealerships in London from HR Owen.
The dealerships, which employ 110 people and are expected to turn over GBP40m in 2009, will trade under the Volvo Cars London name.
The management buy-out was led by Regent Automotive Limited Managing Director Tracey Perry, who was instrumental in leading negotiations with HR Owen and has worked with the Volvo brand throughout her 26-year career.
“This is a fantastic operation with excellent potential, a loyal team of staff and a great brand in Volvo,” said Perry.
Volvo Cars London sites are located in Marylebone (Central London), Colindale (North London), and the Volvo network’s flagship retailer in Chiswick (West London), together offering a full suite of new and used car sales, servicing, parts, corporate sales and rental.
The 0.9-acre Chiswick site opened its doors last October and features an eight bay workshop offering MOT and servicing, plus enough room outside to display 50 used cars. Inside, the two-storey showroom accommodates 14 vehicles and a customer waiting area with free wi-fi, a plasma TV and refreshments.
HR Owen will be using the proceeds of the disposals to reduce its indebtedness.