JCT600 acquires York and Hull Audi dealerships for £11m

Monday, 03 August 2009

jct_600_jack_tordoff_large Yorkshire based JCT 600 has added the Audi franchise to its portfolio with the acquisition of two dealerships from the Gilder Group for over £11m. The £30m turnover Hull and York Audi dealerships employ over 80 staff.

The acquisitions see JCT 600, number 12 in the Motor Trader Top 200, now operating 44 dealerships throughout Yorkshire and the North East, employing over 1,300 staff.

Chief executive John Tordoff (pictured) said: "We have wanted to work with Audi for some time as the brand has a great fit with our offering. We have acquired two great dealerships with excellent reputations and quality staff in cities we already know very well.

Successful start to 2009
"We have enjoyed a successful start to 2009, despite a tough year last year, and these acquisitions show our confidence and prove that as a business we have weathered the worst of the economic downturn.

JCT600 now represents 20 franchises including Porsche, Bentley, Aston Martin, Ferrari, Maserati, Mercedez-Benz, BMW and Volkswagen.

Further expansion
Tordoff said the business was ideally placed for further expansion.

"Our industry faced unprecedented challenges in the latter part of last year but we reacted quickly and implemented a strategy to reduce costs, manage used car stocks and improve our use of the internet. All this has ensured we have established an excellent foundation for the business, and we can now show the confidence to further expand the group," he said.

JCT 600 said it had increased used car sales by 30 per cent in the first seven months of this year compared with 2008, and its new car sales are down just 10 per cent, compared with 25.8 per cent for the national market.

£1m profits in 2008
Despite the impact of the economic downturn, JCT 600 outperformed the market and posted profits of £1m after accounting adjustments of £4.6m for goodwill amortisation and exceptional items in 2008.

The York Audi dealership on Centurion Way, Clifton in York, and Hull Audi outlet on Saxon Way in Hessle both employ 41 staff. Both are full service outlets offering new and used car sales as well as servicing.