Top 200 Dealer Group Glyn Hopkin sold to Employee Ownership Trust

Glyn Hopkin Group has been sold to an Employee Ownership Trust (EOT). The group ranked 37 in the Motor Trader Top 200 Dealer Groups with annual turnover of £520.9m, has 35 dealerships, including 13 Nissan and 10 MG showrooms.

Employing 800 staff, it also represents Kia, Renault, Dacia, Alpine, and Suzuki at branches, located throughout London, Essex, Hertfordshire, Buckinghamshire and Suffolk.

An EOT can allow business owners to sell a controlling stake in their company to realise their value whilst passing the company into long term employee ownership.

The EOT is operated by trustees, and the beneficiaries are the employees of the company at any given time.

Glyn Hopkin chief executive Fraser Cohen said: “We are really pleased with the new ownership structure, which recognises all our staff in the business, who have contributed for many years to the ongoing success of Glyn Hopkin.

The deal was brokered by business advisory firm Grant Thornton UK LLP and law firm Howes Percival LLP.

Grant Thornton partner Mike Tillson said: “We are thrilled to have worked on a deal that delivers a great outcome for the shareholders and loyal employees at Glyn Hopkin.

“While facilitating an exit path strategy in future years for the shareholders, this EOT deal provides consistency for the group, its customers, OEM partners and staff – with the business continuing to be led by its existing leadership team.

Andy Harris of Howes Percival, added: “Having worked with this leading dealer group for a number of years, it was a pleasure to help steer Glyn Hopkin into its next chapter.

“EOT transactions like this are unique in achieving the sort of phased exit that is often important to founders of a longstanding business while at the same time preserving operational continuity.

“Many involve significant corporate funding and property considerations, and our firm has the depth of resource to be able to deliver the right outcome and to a strict timetable.”

There have been a few EOTs in the motor sector in recent times, including Anderson Clark Motor Repairs and Helensburgh Toyota.