The Perry Motor Sales car dealership, which has a GBP280 million turnover, has been bought by two of its senior management in a structured buyout financed primarily by Bank of Scotland.
Managing director, Paul Millard, and finance director, Ken Savage, will take control of Perry Motor Sales, subject to the approval of Perry Group plc shareholders. Millard has taken an 80 per cent shareholding of the company, while Savage now owns 20 per cent. The business consists of 30 franchise points and four satellites at 23 locations, representing 14 franchises.
Millard and Savage have bought the company with the financial backing of Capital Bank Motor and Bank of Scotland.
Carl Houghton of Lathams Corporate Transactions said: “Perry’s is a strong performer in what many view as a difficult sector. The buyout represents a tremendous opportunity for management outside of the PLC Structure.
Perry Motor Sales Ltd is one of the UK’s largest car dealer networks. It has franchises for Peugeot, Vauxhall, Fiat, Alfa Romeo, and Hyundai.
Peter Cottle of Capital Bank Motor led that side of the transaction likewise did Martin Brown for Bank of Scotland.
Carl Houghton Lathams Corporate Transactions structured, led and arranged the deal. Davis Wallis Foyster advised both Capital Bank Motor and Bank of Scotland.