Mon, 28 Jan 2013 | MBO/MBI
City Motor Holdings has conducted a management buyout of Basingstoke's Houndmills Autoplaza site.
The group, which is the new owner of City Motors and Gowrings, has a number of dealerships across the five-acre Autoplaza site. Under the City banner, it operates Peugoet, Citroen, Honda, SEAT and Skoda, while three Ford retail dealerships are operated under the Gowrings banner.
Steve Hemlock, operations director for City Motors Holdings, told the Basingstoke Gazette: “Our business culture is of a local, family-run business and many of our customers and staff have been with us for many years.
“The opportunity for growth in the motor market is ramping up and we are looking forward to developing our businesses further in 2013. In many ways it is business as usual, we want to protect the future of our employees and gain full control of a business that we believe has enormous potential for growth - there are very exciting times ahead.”
The operation at Autoplaza has proved to be quite profitable in recent years, selling in excess of 6,000 vehicles and generating in the region of £90 million in turnover on an annual basis.
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