Monday, July 15, 2024
HomeAutomotiveGlyn Hopkin Group bought to its workforce of over 800 folks

Glyn Hopkin Group bought to its workforce of over 800 folks

UK unbiased seller Glyn Hopkin Group has been bought to an Worker Possession Belief (EOT).

Having opened its first automobile dealership again in 1993, the £550 million-turnover group has grown from a single Nissan operation in Romford to at least one that now represents greater than 10 producers throughout a community of over 35 dealerships throughout London, Essex, Hertfordshire, Buckinghamshire, and Suffolk.

These embrace 13 Nissan and 10 MG showrooms, together with Kia, Renault, Dacia, Alpine, and Suzuki branches.

An EOT permits firm homeowners to promote their enterprise to their staff, with out requiring any modifications to the administration construction, as the customer is usually a trustee performing within the curiosity of all workers.

This enterprise construction permits staff to collectively have a controlling curiosity within the enterprise though they don’t take direct possession of any shares as they’re beneficiaries of the belief.

The monetary phrases of the transaction, supported by Barclays debt and facilitated by Grant Thornton and Howes Percival weren’t disclosed.

The acquisition by the EOT ensures that the group can proceed its development technique, safeguarding the model’s legacy, ethos, and core values, whereas additionally securing a clean succession plan with out altering the management group.

Chief govt Fraser Cohen mentioned: “We’re thrilled with the brand new possession construction, which honours the dedication of our workers, a lot of whom have served 5, 10, 15, 20, 25, and even 30 years. This EOT construction additional rewards their contributions.

“We additionally recognize the invaluable recommendation from our advisors, particularly Sharon Stemp, whose sector information and banking experience had been essential in bridging all events, resulting in a profitable final result. We’re delighted to welcome her to the Glyn Hopkin board as a non-executive director.”

Grant Thornton company finance associate Mike Tillson mentioned: “We’re excited to have labored on a deal that advantages each the shareholders and the loyal staff of Glyn Hopkin. This EOT deal not solely gives a future exit technique for the shareholders but additionally ensures consistency for the group, its prospects, OEM companions, and workers.

“The prevailing management group will proceed to steer the enterprise, upholding the excessive requirements of service Glyn Hopkin is thought for.”

Andy Harris from Howes Percival added: “Having collaborated with this main seller group for a number of years, it was a privilege to information Glyn Hopkin into its subsequent part. EOT transactions are distinctive in facilitating a phased exit for founders whereas preserving operational continuity. These offers usually contain vital company funding and property issues.”



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