Stoneacre to buy Mill Garages
27 September 2018
Stoneacre Motor Group is set to continue its expansion plans with the acquisition of North East-based Mill Garages, according to Auto Retail Agenda’s sources.
The purchase will double the number of Volvo franchises operated by Stoneacre, taking it from four to eight sites. The acquisition, which is expected to be completed on Monday 1 October, takes Stoneacre to 95 new car franchises.
Mill Garages’ Volvo dealerships are located in Newcastle, Sunderland, Stockton and Knaresborough. Mill’s latest accounts show the firm had a turnover of £112 million in 2017, down almost £2m on the year before. Pre-tax profits for the solus Volvo operator were £646,000 in 2017, down from £1.1m in 2016.
The addition of Mill Garages marks the fourth purchase this year for Stoneacre which bought Chris Variava in Nottingham, Hyundai and Fiat franchises from Burrows and Platts multi-franchise site in Stafford in the first three months of this year.
Stoneacre’s most recent financial results show the firm had a turnover of £721m in the 12 months to April 2017. Profit before tax for the Midlands and North of England group sat at £7.9m for the same period.
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