Motor dealer Park’s of Hamilton has expanded its footprint with the acquisition of north-east rival Macrae & Dick.
The deal adds a further 12 dealerships to the Park’s network and takes its number of franchise partners to 23 – including marques such as Ford, Mazda and Toyota.
Director Graeme Park said: “We are thrilled to bring such a prestigious group into the Park’s portfolio and we look forward to the new challenges of extending our business.
“We believe this is the right move for us. It is a purchase which sits well within our ethos and it is one which we are confident will enhance our business and add even more value.”
Fellow director Ross Park added: “We are moving in to new territory and we cannot wait to get started.
“The acquisition was assisted by the support of the Bank of Scotland, in terms of funding, and that of our current partners – BMW, Jaguar, Land Rover and Honda – who were all supportive of increasing our representation of their brands.”
Park’s already has a presence in Ayrshire, Fife, Glasgow, Lanarkshire and West Lothian. The takeover will add sites in Aberdeen, Elgin, Inverness, Perth and Stirling.
Macrae & Dick chairman Francis Hamilton, majority shareholder in the business, said he had been seeking “a motor group in Scotland which was similar to our own” after deciding to sell the firm – which can trace its roots back to 1878.
He added: “In that I have identified Park’s Motor Group whose Chairman, Douglas Park, I have known for decades and he has my absolute trust in these fields.”
Mark Hull, relationship director at Bank of Scotland, said: “This is an exciting new venture for Park’s. The purchase of Macrae & Dick is a perfect fit for the business and we look forward to continuing to support its growth ambitions to make the group an increasing driving force within the Scottish motoring industry.”