Just Motor Group has completed an employee ownership deal which will see the northern car dealership business partially sold to an Employee Ownership Trust (EOT),
The Just Partnership, trading as Just Motor Group, operates from five sites in Keighley, Harrogate, Preston, Blackburn selling new and used vehicles from manufacturers including Citroen, Peugeot, MG and Hyundai, alongside Leapmotor.
Now employing around 100 staff, the business has expanded significantly since it was incorporated in 2012, when it began as a single-site operation. In its last reported annual accounts, the group posted turnover of almost £60m.
Under the Employee Ownership Trust scheme, the business said staff were set to benefit from future growth, while two members of the management team will retain an element of shareholding.
The structure has also enabled shareholders Max Croft, Russell Allison and Kevin Tyrrell to realise value in the business.
The transaction was advised on by Castle Square Corporate Finance and Taylor Emmet.
Josh Stokes of Castle Square Corporate Finance advised on transaction value, deal structuring and manufacturer approval, supported by managing director Kevan Shaw.
Stokes said: “We are delighted to have worked towards a successful exit strategy for Max, and partial exit for Russell and Kevin. It is excellent to see that the culture of Just Motor Group will be retained, with a clear focus on providing quality services through true experts in their fields.”
Legal advice on the transaction was provided by Phil Jordan, Disha Vaghela and Grace Draycott, while tax advice was provided by Hollis & Co.
Jordan said: “Employee Ownership Trusts can be a compelling option for shareholders seeking to realise value while ensuring continuity for their people. This was a strong outcome for all involved, and it was a pleasure to work with the shareholders and fellow advisers to bring the deal to completion.”