Lloyd Group’s acquisition of the Cumbrian dealership Walkingshaw will see it adding the Volkswagen brand to its portfolio whilst strengthening its market position with Kia.
Established in 1968, Workington -based N&M Walkingshaw will help Lloyd group further expand its footprint in the county.
Sam Lloyd, managing director of Lloyd Group said: “The two brands represent an exciting opportunity for us. Walkingshaw has been a successful, family run business for over 50 years so they feel like a great fit for Lloyd Motor Group in terms of ethos and geography.
We’re very much looking forward to getting started and we wish Andrew all the best for the future.”
Andy Walkingshaw, outgoing managing director of Walkingshaw’s said: “The business has been in our family for 56 years and it has been fantastic to us, however with no succession and the market continuing to consolidate we felt it was the right time to allow a larger group to take the business on to the next level. I have no doubt Sam and Bryan will look after our team and continue the success of the business.”
The deal was managed by David Kendrick and his automotive team at UHY Hacker Young who represented Walkingshaw with the sale.
Kendrick said: “Single site dealerships are becoming more and more challenging and with Volkswagen group encouraging their ideal network plan, it is making it even tougher for operators like Walkingshaw.”
“Andy and his family have built up a great business, however it makes sense for Lloyd to take it forward and I guess they will be looking to increase their VWG footprint moving forward.”