Hendy Group has acquired a state of the art Jaguar Land Rover dealership in Southampton from Inchcape UK.
The newly-developed Arch Concept facility was opened in January 2019 and will add to Hendy Group's existing JLR operations in Christchurch and Salisbury.
Hendy already operates a number of dealerships across a range of manufacturers in Hampshire and across the south coast. The addition of JLR Southampton to its portfolio is a further example of its strategic growth in the region.
Chief executive Paul Hendy said: "This is an exciting addition to the Group, we are thrilled to be growing our representation with Jaguar Land Rover by adding Southampton to our two existing Jaguar Land Rover dealerships."
He added: "We are happy to welcome new colleagues to Team Hendy who I'm sure will bring a wealth of experience to the Group. Hendy has a very positive business relationship with Jaguar Land Rover and we look forward to getting started at this stunning facility."
The merger and acquisition team based in Southampton of BDO advised on the deal to acquire the fixed assets, and goodwill for a collective total of £4.3m, plus used stock at market value. The Southampton office of Lambert Smith Hampton brokered a deal for the freehold of the property with a long term lease agreed with Paloma Capital.
The acquisition comes towards the end of what has been a year of expansion for Hendy Group, despite the challenges presented by COVID-19. It became the official UK dealer for MOKE and have also added the CUPRA franchise to its operations in Brighton.
The opening of a new Gatwick Transit Centre and MG dealership in Crawley as well as a Toyota showroom in Christchurch were further additions to their retail portfolio in 2020, and in January, Hendy will open a Renault and Dacia Dealership in Eastleigh, replacing the current incumbent, and a Lotus dealership in Eastleigh too. In quarter one the Lotus representation for the South Coast will be complete with the opening of a new showroom in Exeter.
"Following a turbulent year in 2020 for all the reasons well documented the group is in a fantastic position for 2021 to achieve several milestones, becoming a billion pound turnover business and striving for a 2% return on sales, delivering 100% customer and colleague satisfaction. Exciting times ahead."
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