3 days ago
Peter Vardy Group has agreed a major deal to sell the majority of its sites to Parks Automotive Group.
The agreement will see three dealerships, representing five brands, change hands in Motherwell, Aberdeen and Edinburgh.
It means that the showrooms, which have franchise deals with Jaguar Land Rover, Mini, BMW, Omoda and Jaecoo will now be rebranded as Parks sites.
Peter Vardy Group will retain it’s Porsche Centres, in Perth and Aberdeen, as part of the arrangement and no redundancies will occur.
That means that Parks will be taking on more than 300 employees from Peter Vardy, when the deal is formally sealed.
It is expected that the acquisition will now be wrapped up before the end of the year, as Peter Vardy Group continues to change its business model.
Confirming the news, Peter Vardy, CEO of the Peter Vardy Group: ‘We are delighted that over 300 of our colleagues will transition to a thriving and reputable organisation in Parks Motor Group, ensuring continuity in their career development and future opportunities within a leading company.’
‘I would also like to express my sincere gratitude and respect for Mr Douglas Park, Ross Park and Graeme Park and their teams at Parks Motor Group for the way this sale has been conducted.
‘Their collaborative approach has been exemplary, and I am confident our colleagues moving to the group will thrive under their leadership’
The sale is the latest change to Peter Vardy Group’s structure, after it also sold six franchise sites to Car Dealer Top 100 table topper Arnold Clark earlier this year.
In the summer of 2023, the outfit also axed its Peter Vardy Carz used car supermarket sites.
Vardy explained the new approach during a headline interview at Car Dealer Live, in which he admitted that selling volume legacy brands was becoming ‘too dangerous to get involved in’.
Speaking today, Vardy paid tribute to the brands which are now set to be transferred over to Parks.
‘It has been a privilege to represent these iconic brands over the years, and we extend our heartfelt thanks to our partners and customers for their continued support, he said.
‘Looking ahead, we are excited about the future of Omoda and Jaecoo, which we believe will become standout names in the UK’s competitive automotive market.’
‘To all our colleagues who have been part of the Peter Vardy journey, we owe you a huge debt of thanks. We are confident that your future with Parks will bring new opportunities and continued success.’
Meanwhile, Parks says it is ‘delighted’ to welcome its new dealerships as bosses paid tribute to Vardy and his family.
Director Graeme Park said: ‘We are delighted to grow our business with this acquisition.
‘We would like to thank Peter, his family and his team for their collaboration throughout this transaction and we look forward to welcoming our new colleagues to the wider group.
‘We are excited to grow the business with our fantastic partners in BMW, Mini, Land Rover, and Omoda.’
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The post Peter Vardy to sell three dealerships to Parks leaving Porsche Centres as group’s only retail sites appeared first on Car Dealer Magazine.
