The Bristol office of FRP Corporate Finance has advised on a deal that adds two new car dealerships to the one of the region’s largest motor group’s portfolio.
The acquisition of Pebley Beach by Wiltshire-headquartered Platinum Motor Group means it now has outlets in Swindon and Cirencester alongside its existing network, which includes dealerships in Trowbridge, Bath and Chippenham.
As well as extending family-owned Platinum’s geographical spread, it also adds Japanese brand Suzuki to its portfolio while also expanding its existing Hyundai business.
Platinum already operates dealerships for Nissan, Renault, Vauxhall, Toyota, Dacia, Skoda and KGM (formerly Ssangyong).
As a longstanding advisor to Platinum’s parent company Renrod Holdings, FRP Corporate Finance was selected to provide buy-side support on the deal.
The FRP team, led by corporate finance partner Mark Naughton and associate director Freddie James, supported negotiations between the two parties and helped agree the purchase price, before project managing the deal through to completion.
The Bristol-based team at law firm Thrings, led by Mike Tomlin and Georgina James, provided legal advice to Platinum while Thames Valley law firm Gardner Leader advised Pebley Beach.
The acquisition was prompted by the retirement of Pebley Beach owner and managing director Dom Threlfall.
Mark Naughton said: “We have a strong relationship with the team at Platinum that is built on years of collaboration, so it was a pleasure to work with the directors and senior management once again to deliver such a positive outcome for the business.
“By expanding geographically and building on its portfolio of brands, this acquisition presents an excellent strategic fit for Platinum as it builds its presence across the South West.
“Inflation and high input costs have impacted many automotive dealers and acquisitions such as this help to build economies of scale and leave operators well placed to capitalise on increasing demand as market conditions improve.”
Platinum Motor Group managing director Jeremy Cuff added: “Pebley Beach is a well-established business in Swindon and Cirencester and we’re looking forward to integrating our operations as they continue to provide a top-class service to the region’s drivers.
“Dom’s leadership and the good work of his team has created and maintained a business that is highly respected locally and within both Hyundai UK and Suzuki UK.
“It is renowned for providing excellent service and customer care. With Dom’s decision to retire, it is now our job to ensure that the good work and reputation of the business is maintained well into the future.”
FRP has 650 employees, including 92 partners, across its 27 UK offices offering a range of specialist services including corporate restructuring, corporate finance, forensic services, financial advisory and debt advisory.
