Management buyout at Beechdale Motors
Beechdale Motor group has been bought by two of its employees. John Oldfield and Gary Siddall purchased the Derby-based company after founder Les Waterfall announced his retirement.
Oldfield, who was already a director and shareholder, now holds a majority stake in the company. Siddall now takes part ownership of the group, which is based at the Parker Centre on Mansfield Road in Derby.
Details of the buyout were not disclosed.
The deal was advised by the Derby office of Midlands accountants and business advisers Smith Cooper. Derby law firm Flint Bishop advised Beechdale and its new owners.
John joined Beechdale in 1988 and became general manager before being appointed director in 2006. Gary joined the company in 1991.
The group now sells about 700 cars a year and is the main dealer for Alfa Romeo, Hyundai, Isuzu and SsangYong.
Stuart Peck, tax partner at Smith Cooper, said: "Despite the prevailing economic conditions, it is great to see that the Beechdale Motor Group has maintained its position as one of the last remaining independently owned motor dealerships in the region following its change in ownership structure."
