The Bristol-based corporate finance team at Smith & Williamson, the accountancy, investment management and tax group, acted as lead advisers on the sale of Wessex Garages, one of the leading independent car dealerships in the South West and Wales.
The company, which has a large dealership in Bristol, has been sold for an undisclosed sum to VT Holdings, a Japanese car distributor listed on the Tokyo Stock Exchange.
Keith Brock, Managing Director of Wessex Garages, said: “Smith & Williamson guided the shareholders through a complex process, professionally negotiating hurdles encountered. We very much enjoyed working with the team and appreciated their tenacity.”
Commenting on the deal, Iain Lownes, a partner at Smith & Williamson, said: “This was a complex deal where the calibre of the management team and the company’s track record were key. The deal made real sense for the buyer as it was complementary to their current UK business. In dealing with international buyers it’s important to understand how they operate and what is important to them. We were extremely pleased to have this opportunity to work with the directors of Wessex Garages and wish them every success in their future ventures.”
The sale of Wessex Garages is the latest in a raft of transactions handled by Smith & Williamson’s 10-strong corporate finance team in Bristol, including the recent sale of Avonmouth-headquartered Horwood Homewares to TTK Prestige, India’s largest kitchen appliances company.
Established on Feeder Road in Bristol by Steve Patch almost 30 years ago, Wessex Garages has grown to become an award-winning motor dealership with a turnover of £135m.
Wessex Garages was advised by Smith & Williamson and law firm TLT. Caroline Litchfield of Brabners and ASE advised VT Holdings.