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Hugh McMahon, the ex-owner of Lomond Audi, has bought Murray Motor Group’s Rolls Royce and Aston Martin business in Edinburgh.
McMahon paid £3m for the business in a deal funded by Barclays’ Scottish Corporate Banking team.
McMahon started out as a technician in the motor trade at the age of 16 before moving into sales and then management. He sold the Lomond Audi business in July 2012 for £15m to Lookers.
The Sighthill outlet is the sole authorised dealership for the luxury car brands in Scotland. The £20m-turnover business is expected to grow to £30m in the medium term.
McMahon said: “There is a strong opportunity to grow sales of both brands which are moving into an exciting stage of their development.”
Working with his son operations director Chris and Brian Ritchie, finance director, McMahon also has plans to expand the dealership’s used car business.
“The market for used luxury cars is buoyant and we are looking at the potential of extending our stock to include quality assured used vehicles.
“Our first priority, however, is to consolidate our existing position. We have taken over a good business but I want to make it a great business for customers and employees.”
Alan Maudsley, head of corporate development, Barclays Corporate Banking Scotland, said: “Our team has worked with Hugh in his previous businesses and his wealth of experience in the motor industry coupled with his robust plans for growth meant we had the appetite to support this deal.
“Car sales have long been a measure of economic confidence and although the luxury end of the market has been affected less than most, it too is starting to see an upturn in sales making the business an attractive investment choice.”
Pictured (l to r) are Brian Ritchie, Hugh McMahon, Alan Maudsley and Chris McMahon