Grant Thornton and Howes Percival lead the sale of car dealer Glyn Hopkin Group

BUSINESS advisory firm Grant Thornton UK LLP and law firm Howes Percival LLP have led the successful sale of one of the UK’s leading independent car dealer groups to an Employee Ownership Trust (EOT).

The Glyn Hopkin Group, headquartered in Romford Essex since 1993 and celebrating over 30 years of trading, has 35 dealerships, including 13 Nissan and 10 MG showrooms, as well as Kia, Renault, Dacia, Alpine, and Suzuki branches, located throughout London, Essex, Hertfordshire, Buckinghamshire and Suffolk.

The Group has annual revenues of more than £550 million and employs over 800 staff. Financial terms of the transaction, which has been supported by debt from Barclays, have not been disclosed.

The Grant Thornton team was led by Adam Hughes (Director, Debt Advisory), Monique Beaulieu (Partner, Reward Advisory) and Mike Tillson (Partner, Corporate Finance) and supported by Sarah Mackey (Debt Advisory), Ned Brown (Corporate Finance), Emma Selway (Tax), Daniel Keenan (Tax) and various colleagues from the firm’s tax, reward, valuations and debt advisory service lines.

The Howes Percival team was led by consultant and former partner Andy Harris (Corporate) and partners Marcus Carter (Property) and Haydon Simmonds (Banking), with support from Shital Odedra (Corporate), Faye Meredith (Banking), and senior property team members Elizabeth Thomas, Alexandra Kirkwood, Erica Gradus, Charlotte Harrison, and Emma Bowman.

The sale of Glyn Hopkin to the EOT will enable the Group to maintain focus on advancing its growth strategy, secures the long-term legacy of the brand, its ethos and core values while it also supports the future succession of the business with no expected changes to the leadership team.

Chief Executive Fraser Cohen said: “We are really pleased with the new ownership structure, which recognises all of our staff in the business, who have contributed for many years to the ongoing success of Glyn Hopkin with numerous staff having worked for 5, 10, 15, 20, 25 and even 30 years of continuous service.

“The EOT structure now further rewards all of those efforts going forward. We are grateful for the invaluable advice all of the advisors provided with a special mention to consultant Sharon Stemp who was instrumental in bridging all the parties, with her knowledge of the sector and banking experience, to enable a successful outcome, so much so we have now welcomed her on to the Glyn Hopkin board as a Non-Executive Director.”

Grant Thornton Partner Mike Tillson said: “We are thrilled to have worked on a deal that delivers a great outcome for the shareholders and loyal employees at Glyn Hopkin.

“While facilitating an exit path strategy in future years for the shareholders, this EOT deal provides consistency for the Group, its customers, OEM partners and staff – with the business continuing to be led by its existing leadership team.

“The Group’s stakeholders can be assured that the highest standards of service, which Glyn Hopkin is renowned for, will be maintained. This transaction is an excellent showcase for the breadth of our M&A/Deals capability and the depth of our specialist expertise in advising on establishing and funding EOT ownership structures, together with our ability to join-up numerous service lines to deliver a fantastic outcome for our clients.”

Andy Harris of Howes Percival, added: “Having worked with this leading dealer group for a number of years, it was a pleasure to help steer Glyn Hopkin into its next chapter. EOT transactions like this are unique in achieving the sort of phased exit that is often important to founders of a longstanding business while at the same time preserving operational continuity.

“Many involve significant corporate funding and property considerations, and our firm has the depth of resource to be able to deliver the right outcome and to a strict timetable. ”