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Easy Autocentres Limited has acquired 27 motoring repair centres from HiQ, the trading division of Goodyear Dunlop, to become one of the largest independent fast fit operators in the Midlands with a turnover of circa £10m. Easy Autocentres was advised by David Neate, who originated the transaction, at Springboard Corporate Finance.
The acquisition of the HiQ branded units, which is a leading national fast-fit provider of tyres, exhausts, batteries and car servicing, are based throughout the Midlands with one of the Birmingham branches being based near Goodyear Dunlop’s Tyre Fort Head Office in Erdington. The units comprise 12 freehold and 15 short leasehold properties.
Chris Kisby, Managing Director and majority shareholder of Easy Autocentres, who has extensive experience within the tyre industry and fast fit sector commented that “having previously been Managing Director of Goodyear Dunlop’s HiQ national operation, I recognised that the opportunity to acquire these units would provide a strong platform for Easy Autocentres in the Midlands. Having concluded this transaction we will seek to build Easy Autocentres both organically and through acquisition to be a significant player in the sector.”
Chris commenting on the service provided by Springboard, “On recommendation I appointed Springboard to act as lead advisor. Having previously worked with large national and global accountancy firms, in comparison I have been impressed by the quality of the advice and the level of support offered by Springboard. Their commitment to the Project and their expertise in the face of a tough funding market was essential in helping me buy this business. I would strongly recommend them. Springboard will continue to be a key partner for Easy Autocentres going forward.”
David Neate, Director at Springboard Corporate Finance, said, “This transaction represents the culmination of seven months work during which time the funding market has fundamentally changed."
"While the credit crunch has made raising funding difficult, the successful completion of this transaction demonstrates that where the business can demonstrate resilient trading performance in the current economic environment it is still possible to raise an appropriate funding package. The funding package will enable Easy Autocentres to grow its business from a strong base to enable it to become a significant player in the fast fit market.”
Posted 28/01/2009
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David Neate (SCF), Gareth O'Hara (Wilkes), Chris Kisby (Easy Autocentres), Steve Taylor (Co-op) and Gary O'Sullivan (Wilkes)
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