Insider Media Limited

Burton-upon-Trent car dealership Burton Kia has been purchased by its management team. The site was bought from automotive distributor and retailer Inchcape, saving 26 jobs.

Newly-formed company BRD Retail said it had purchased the dealership for "a substantial sum" following Inchcape's decision to streamline its UK and European business.

The management team of the new company comprises co-directors Adam Redpath, David Deans and Ian Bullock, who was previously the Inchcape franchise's general manager.

The decision to go ahead with a management buyout was agreed after Inchcape's main board announced that Kia franchises would no longer form part of their core business.

Bullock said: "The deal was sealed in less than three months thanks to massive support from Inchcape. The developments that Kia have made over the last few years have been amazing. The new models and vehicles that are coming through are highly finished and, supported by seven-year warranties, which mean that we see a very bright future."

The business, based on Moor Street, now has a turnover of £10m per year and will continue to offer new and used Kia vehicles.

Advisers on the deal were Carol Staton from Timms Solicitors and Tony Smith from The Smith Partnership who provided legal advice.

David Meadows from Bourne & Co provided accountancy advice and Kim Howlett of Towergate Risk Solutions provided insurance and risk management advice.