Kuits advises on purchase of luxury automotive dealership
18th February 2019, 11:30 am
Manchester commercial law firm has advised The Barkby Group PLC on the acquisition of Centurian Automotive Limited, a premium car dealership in Northamptonshire.
The deal, with an initial consideration of £201,000, will see Barkby add Centurion to its existing leisure and hospitality portfolio.
The consideration will be satisfied by the issue of new shares in Barkby, with an additional consideration of up to £251,000 to be paid over three years based on the achievement of performance targets.
Centurion, with net assets of £603,000 as listed on 31 March 2018, currently sell a number of luxury brands including Bentley and Aston Martin and will now look to expand beyond their one showroom in Islip.
Kuits corporate partner Kirsti Pinnell provided a comprehensive advisory service around the acquisition, supported by solicitor Kate Gledhill, while solicitor Rhiannon Davies advised on the employment aspects of the deal.
Kirsti Pinnell said: “Kuits was pleased to advise on this transaction, allowing Barkby to continue their growth plans with another exciting acquisition that aligns with their existing premium offerings.”
Rupert Fraser, CEO of Barkby, commented: “The acquisition of Centurian reflects our ambition to make strategic acquisitions that complement our existing portfolio. We continue to build our presence in areas where we see opportunities for value creation. Centurian has a reputation for offering its clients hand-picked cars prepared to extreme detail and this, coupled with its fast-growing digital presence, makes it a highly exciting growth story.
“I’d also like to thank the team at Kuits, once again they have helped us execute a key transaction.”
The purchase of Centurion is the second deal Kuits has advised on for Barkby in 12 months, following their purchase of three gastropubs in Gloucestershire and Oxfordshire in June 2018.
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