ANNOUNCEMENT
For immediate release
7th February 2012
Ridgeway Group has announced that it has agreed, subject to contract, to purchase the BMW and MINI dealerships located in Bournemouth, Salisbury and Odiham from Wood Group Limited for an undisclosed sum. The transaction is expected to complete at the end of March 2012.
All employees at the Wood BMW and MINI sites will transfer to Ridgeway Group and consultation has started with the workforce.
David Newman, Chairman of Ridgeway Group said: “We are delighted to add Wood BMW and MINI to our portfolio. This acquisition is a perfect strategic fit for us in terms of the brand strength and customer orientation of these businesses, and the locations adjoin our existing businesses.”
David Burton, Wood BMW Managing Director commented: “We are proud to have worked for 30 years with BMW and MINI and we are confident of the continued success of the BMW and MINI franchises under new ownership.”
Tim Abbott, Managing Director, BMW Group UK, added: “Ridgeway Group’s acquisition of Wood BMW and MINI introduces a new partner to our franchises with fresh ideas about the delivery of outstanding customer service. We would like to thank Sydney Wood and Wood Group for their commitment and dedication over many years and wish them well for the future
A further announcement will be made upon completion of the transaction.
Further information:
The Ridgeway Group is ranked as the 27th Largest Motor Retail Group in the UK by the Automotive Management Magazine [September 2011] and ranked 84th on the latest Sunday Times HSBC Top Track 250 league table of Britain's leading mid-market private companies. The Ridgeway Group passenger car brand portfolio includes Audi, Mercedes-Benz (and AMG), Volkswagen, Skoda and smart as well as Mercedes-Benz, Fuso Canter and Volkswagen Commercial Vehicles. Ridgeway also operate a Chrysler Group Service Centre, two Trade Part Specialists outlets, two Used Car Centres and two Paint & Body Repair Centres.
The Ridgeway Group are on the shortlist for AM Awards 2012 “Best Retail Group (more than 10 sites)” announced on 15th February 2012.
ENDS