Riverside Motor Group expanded for an undisclosed amount with the acquisition of Harratts’ Honda dealership in Wakefield.
Yorkshire based franchisee AM100 Cupra, Honda, Mitsubishi, Seat and Volvo, with locations in Doncaster and Hull, confirmed this morning (July 12) that it has closed the transaction to secure its business in Calder Park, Wakefield.
It included the Harratts Honda Dealer and Assets in Calder Park, their former Kia showroom, and a ten-year rental of premises in Darton, Barnsley.
Riverside said it will keep all existing Harratts employees as it represents Honda in Wakefield and Barnsley from its Calder Park site in Wakefield.
Mark Denton, Managing Director of Riverside Motor Group, said: “The acquisition of the Honda facility has given us the opportunity to further expand our presence in the region. We will continue to invest in the business and build on our reputation. “
Founded in 1982, Riverside Motor Group ranked 86th in the AM100 2020 auto trade with sales of 168.6 million pounds, up 12 places from 98th in 2019.
Last year, the company was listed alongside Arbury Motor Group, Car Giant and Tom Hartley Jnr in the Sunday Times PwC Top Track 250 ranking of UK’s leading medium-sized companies.
The groups qualified for the ranking by meeting criteria that demanded a profit margin of over 2% and sales growth of at least 5% in their most recently published annual financial statements.
Schofield Sweeney’s corporate and commercial real estate teams have advised Riverside on both the acquisition of Calder Park and the rental of the Barnsley site.
Schofield Sweeney advised on four major automotive deals in 2021, including DM Keith’s acquisition of Ringways Motor Group and Cazoo’s acquisition of Smart Fleet Solutions.
Denton said, “Despite the COVID restrictions, the Schofield Sweeney team was on site the entire time.”
Scofield Sweeney’s commercial real estate partner, Basharat Ali, said: “We are delighted to have acted on behalf of Riverside in the latest acquisition.
“I would like to congratulate Mark Denton and his team at Riverside on this latest acquisition and wish Riverside all the best for the future.”