We are happy to announce that Hughes Group Holdings Limited and its subsidiary Hughes of Beaconsfield Ltd (trading as The Hughes Group, Mercedes-Benz of Beaconsfield, Mercedes-Benz of Aylesbury, smart of Beaconsfield, Hughes Jeep, Hughes Skoda and Hughes Peugeot) has been acquired by Vertu Motors PLC for an estimated cash consideration of £21.8m.
We at the group are feeling very positive about the evolution of the business and are looking forward to working with Vertu to give our customers greater choice and satisfaction, and our employees a vast array of new opportunities.
Careful consideration went into the sale, and we believe that Vertu share our company values and interests. Having been part of the local community for 63 years, we are also happy to confirm that the selling of the group shall not impact the customer experience and the overall atmosphere at Hughes, and the way that we operate shall remain unchanged.
Robert Forrester, CEO of Vertu Motors said:
“We are delighted to announce the addition of two excellent Mercedes-Benz dealerships to the Group which represent a further step in the growth of our premium business, adjacent to our existing Mercedes-Benz operations in the Thames valley.”
“We also welcome the opportunity to further develop our relationship with Skoda, Peugeot and Jeep.”
“The Hughes business has operated in the Beaconsfield area for over 40 years, and is very well established in this attractive market area, serving an excellent demographic profile for the Mercedes-Benz brand.”
“Our disciplined approach to allocating shareholders’ funds has meant that this is our first acquisition
for over two years. Given the strength and location of the business and franchises we are acquiring,
the Board is confident to make this investment which will be earnings enhancing in its first full year of
ownership. We would expect the acquisition to bring synergies and we also expect there to be
opportunities to reduce working capital levels.”
If you have any further questions or concerns regarding this, please do not hesitate to get in contact with us.