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SLM Group has announced that four directors have successfully completed a management buy-in.
Mark Phillips, who became managing director in 2019, Gus Wakeford, Jason Barlow and Will Woods completed the buy-in earlier this year.
In a statement it said: “Alongside existing family shareholders, the Board of Directors aim to secure the expertise of the current management team and foster confidence among the 274 staff they currently employ across East Anglia, Kent and East Sussex.
“This transition, which has been in progress for over three years, was delayed in part due to the challenges posed by the 2020 global pandemic.
“However, it remained a shared vision of Brian Wakeford, one of the original founders with John Wakeford, as well as the late Ian Wakeford to ensure the continued future success of the company.”
“I am thrilled about this new chapter,” said Phillips. We remain committed to delivering exceptional service to our customers, providing employment stability, and generating growth opportunities for both staff and shareholders.”
The group has been expanding. In 2017, it bought Dingles Motor Group based in East Anglia, strengthening its relationship with Toyota. This year it took on Suzuki in Tunbridge Wells and GWM Ora in Norwich. SML Group is rated 116 in the Motor Trader Top 200 with annual turnover of £105.9m.
Pictured (l to r) are Mark Phillips, Will Woods, Jason Barlow, Gus Wakeford