Acquisition sees growing motor group pick up its fifth franchise
13 July 2021
Yorkshire-based Riverside Motor Group has acquired Harratts Group’s Honda site at Calder Park Wakefield for an undisclosed sum.
The deal includes Harratts’ Honda dealership and assets at Calder Park, its former Kia showroom, and a lease of premises at Darton, Barnsley for a period of 10 years.
Riverside will represent Honda for Wakefield and Barnsley and the Honda dealership will continue to operate from Calder Park in Wakefield. Riverside is retaining all existing staff.
Honda becomes the fifth franchise to join the growing Riverside family as the Group also represents Volvo, SEAT, CUPRA, and Mitsubishi.
Schofield Sweeney’s corporate and commercial property teams advised Riverside on both the acquisition at Calder Park and lease of the premise in Barnsley.
Established in 1982, Riverside Motor Group is an independently owned business trading from sites in Doncaster, Wakefield, and Hull.
Basharat Ali, Partner, Commercial Property, at Schofield Sweeney, said: “We are pleased to have acted on behalf of Riverside in their latest acquisition.
“The transaction required a quick turnaround and a team based approach not only from our commercial property and corporate colleagues but also from external tax advisers and surveyors.
“I would like to congratulate Mark Denton and his team at Riverside on this latest acquisition and wish Riverside all the best going forward.”
Mark Denton, managing director at Riverside Motor Group, said: “Despite the Covid restrictions, the team at Schofield Sweeney were on hand throughout. Acquiring the Honda site has given us the opportunity to further expand our footprint in the region.
“We will continue to invest in the business and build on our well established reputation.”
Legal advisers from Schofield Sweeney were Basharat Ali and Howard Jenkins (Commercial Property) and Angela Cashin and Ben Jackson (Corporate).
Bank finance was arranged by Lee Manterfield, corporate director at HSBC.
Schofield Sweeney has advised on four significant transactions in the motor sector this year, including the Ringways Motor Group acquisition by DM Keith Ltd and Smart Fleet Solutions acquisition by Cazoo.