Management Buy-Out Secures Three Volvo Dealerships In London

LONDON, United Kingdom – January 22, 2009: Management buy-out team Regent Automotive Limited has acquired three Volvo dealerships in London from H.R. Owen.

The dealerships, which employ 110 people and are expected to turn over £40m in 2009, will trade under the Volvo Cars London name.

The management buy-out was led by Regent Automotive Limited Managing Director Tracey Perry, who was instrumental in leading negotiations with H.R. Owen and has worked with the Volvo brand throughout her 26-year career.

Tracey is joined by After Sales Director Frank Fisher, together with fellow directors Barry Green and David Jaggar.

Finance for the acquisition was put together with a combination of support from Barclays Bank and Ford Financial, parent company of Volvo Finance, which funded the vehicle requirements for the business.

“This is a fantastic operation with excellent potential, a loyal team of staff and a great brand in Volvo,” said Tracey.

“The four directors involved also bring a wealth of industry expertise to this venture, and with Volvo sales bucking national trends and increasing in the UK, this is a great opportunity for Volvo Cars London to flourish.”

Volvo Cars London sites are located in Marylebone (Central London), Colindale (North London), and the Volvo network’s flagship retailer in Chiswick (West London), together offering a full suite of new and used car sales, servicing, parts, corporate sales and rental.

The 0.9-acre Chiswick site opened its doors last October and features an eight bay workshop offering MOT and servicing, plus enough room outside to display 50 used cars. Inside, the two-storey showroom accommodates 14 vehicles and a customer waiting area with free wi-fi, a plasma TV and refreshments.

“As a team, we have experience, knowledge and enthusiasm of both the brand and the market place and we are really excited about applying this in our own way,” added Tracey.

“We will continue to work with Volvo to ensure good coverage of London and to develop the business as the dealership of choice in the capital city.”