The business operates from 17 sites, retailing new and used vehicles from manufacturers such as Hyundai, Nissan, Renault, MG, Dacia and SEAT, and represents manufacturers OMODA and JAECOO.

It also operates a prestige used car dealership, stocking premium name used cars, including McLaren, Ferrari, Bentley and Porsche.

Now employing over 250 staff, Cars 2 has expanded since its incorporation in 2006, where it started as a single site used car business.

The EOT scheme has allowed Allan Otley, shareholder, to realise the value in his business. Following completion of the sale, he will remain as chief executive, alongside the rest of his senior management team, who will stay in post to oversee the company through the next stage of its journey.

Otley said: “It has been a pleasure working with both Castle Square and Freeths. I am thrilled to be able to pass on the success of Cars 2 to the employees, and to see them rewarded for their efforts in driving the business forward”.

Josh Stokes, from the Castle Square Corporate Finance team, provided advice on transaction value, structuring, manufacturer approval and the fundraising process, supported by director Kevan Shaw.

Stokes said: “We are happy to have worked with Cars 2 to deliver a great outcome for all, with the businesses continued success to be inherited by a strong and highly competent staff base.”

Legal advice was provided by Lisa Wallis and Ellie Davies, and tax advice was provided by Alex Angelides and Adrian Hackett, all from the Sheffield office of law firm Freeths.

Wallis said: “It has been great to work with Allan and the team at Cars 2 alongside Castle Square to help deliver this transaction, we look forward to seeing the company continue to grow in the future.”

Sam Drummond, from the Barclays Retail & Wholesale team, was instrumental in delivering the funding on behalf of the bank.

For more information and the source, visit: £220m turnover car dealership shifts gears into employee ownership | TheBusinessDesk.com