Northern based car dealership, The Just Partnership Limited (Just Motor Group), has been partially sold by its Shareholders to an Employee Ownership Trust (EOT) in a transaction advised on by Castle Square Corporate Finance and Taylor Emmet.
With an annual turnover approaching £60 million in its last reported annual accounts after a period of impressive growth, Just Motor Group is a leading retail car dealership group in the North West and Yorkshire region, for some of the most recognisable manufacturers in the UK.
The business operates from five sites, retailing new and used vehicles from globally recognised manufacturers such as Citroen, Peugeot, MG, Hyundai and represents high growth manufacturer Leapmotor.
Now employing around 100 staff, Just Motor Group has expanded significantly since its incorporation in 2012, where it started as a single site business. The rewards of future growth will now be enjoyed by the employees, through the Employee Ownership Trust scheme, with an element of shareholding retained by two of the management team to incentivise future growth.
The EOT scheme has allowed Max Croft, Russell Allison and Kevin Tyrrell, shareholders, to realise the value in their business, whilst retaining the strong brand, ethos and culture of success engrained in the Just Motor Group.
Josh Stokes from the Castle Square Corporate Finance team provided advice on transaction value, structuring and manufacturer approval, supported by Managing Director Kevan Shaw.
Castle Square, a mid-market specialist corporate finance boutique, based in Sheffield and Leeds, has a proven track record in corporate acquisitions, disposals, management buy-ins and buy-outs, and corporate fundraisings.
Josh Stokes said, “We are delighted to have worked towards a successful exit strategy for Max, and partial exit for Russell and Kevin. It is excellent to see that the culture of Just Motor Group will be retained, with a clear focus on providing quality services through true experts in their fields.”
Legal advice was provided by Phil Jordan, Disha Vaghela and Grace Draycott, and tax advice was provided by Peter Hollis of Hollis & Co.
Phil Jordan said “We were pleased to advise Max, Russell and Kevin on this transaction, supporting them through a process that allows the long-term future and culture of the business to be preserved. Employee Ownership Trusts can be a compelling option for shareholders seeking to realise value while ensuring continuity for their people. This was a strong outcome for all involved, and it was a pleasure to work with the shareholders and fellow advisers to bring the deal to completion.”
With a legacy of supporting Sheffield and surrounding areas for more than 150 years, today Taylor Emmet offers its unique blend of innovative legal advice and support to private individuals, their families and businesses across the whole of England and Wales. For more information about Taylor Emmet and their services, please visit https://www.tayloremmet.co.uk/