Tustain Motors has been the subject to a management buy-out for an undisclosed sum.
The dealer group has sites across Northumberland, The Borders and East Lothian in Scotland, employing 112 staff. It represents Isuzu, has a number of used car locations and operates Bosch Service Centres.
The deal sees directors David Storey and Brian Baxter exit the operational business and move to a co-chairman role.
UK accountancy and business advisory firm Azets acted on behalf of Tustain Motors.
Azets’ corporate finance team on the deal comprised David Foreman, Partner, and colleague Oliver Williams, alongside tax advisory services from the Azets tax team.
Foreman said: “Tustain Motors is an extremely successful operator in the region’s automotive retail sector, with various franchised dealerships.
“It was a pleasure to support exiting owners David Storey and Brian Baxter, who have been growing the business over the past 16 years, over the course of this transaction.”
Tustain Motors, named after the retired co-founder John Tustain, is headquartered at North Seaton Industrial Estate, Ashington, Northumberland.
Based on last year’s accounts, pre-tax profits for Tustain Motors were £1.1m on a turnover of £40.9m.
