Endeavour Automotive taken its Hyundai representation to seven locations with expansion in East Anglia through the acquisition of car retail group Turners.
Dealerships in Bury St Edmunds and Ipswich have been acquired from Turners of East Anglia for an undisclosed sum, along with a body shop, in the transaction which was officially completed on Saturday (October 8).
Brothers Glen and Ian Turner, who operated the family-owned Turners business, have retired to focus on property interests as a result of the move.
“This is a very important move for the group expanding our reach beyond our existing territory into Suffolk, creating a continuous territory from our Colchester Hyundai business.
“The Turners business is a fantastic opportunity with a great territory, and we very much look forward to welcoming the Turners colleagues into the wider Endeavour group and building on the huge success already achieved at a very exciting time for all.”
Endeavour’s latest expansion takes its dealership count to 22 locations, spanning Hyundai, London Electric Vehicle Company (LEVC), Lotus Cars, Polestar and Volvo.
Caney said that the addition of the Turner operations further cemented a “very strong relationship with Hyundai UK”, adding: “I would also like to take the opportunity to thank Ashley Andrew and the senior HMUK team for their continued support for further growth and development of the Group.”
Glen Turner said: “This represents a strategic development for both Endeavour and Turners to develop and enhance their respective business ambitions. We wish them all the best for the future.”
The deal was managed by David Kendrick and the automotive team at UHY Hacker Young who represented the sellers. Kendrick said: “It makes perfect sense for John to make this acquisition as it expands their footprint with Hyundai further into East Anglia.
Kendrick suggested that further consolidation of the market was likely to occur in Q4, meanwhile, adding that there was “plenty of activity out there”.
Last week Vertu Motors expressed the difficulties it was facing as it looked to growth through expansion.
In its H1 trading update, the PLC asserted that “high sector earnings over the last 18 months will be disregarded” in any acquisition negotiations as it continues to drive value from its growth.