A car dealership chain with sites across Northumberland, The Borders and Scotland’s East Lothian has been sold to the company’s management team, with support from Mincoffs Solicitors and Azets.
Tustain Motors, which was incorporated in 2009 and employs 112 staff, was acquired through a management buy-out.
The deal sees David Storey and Brian Baxter, who joined as directors in the same year, exit the operational side of the business and move to a co-chairman role.
Leading North East law firm Mincoffs Solicitors and UK top 10 accountancy and business advisory, Azets, acted on behalf of the Storey and Baxter families.
Paul Hughes, senior partner and head of corporate at Mincoffs Solicitors, advised on the deal with support from solicitor Grace Hughes and paralegals, Jenny Harrison and Holly Kirk. Property support was provided by partner and head of real estate, Ryan Bannon and team.
Paul Hughes said: “We were delighted to advise the exiting owners throughout this transaction, bringing a successful, 16-year legacy to a close for David and Brian as they transition into co-chairman roles.
“We wish both David and Brian and the company’s management team success as the business moves forward into this new stage.”
Exiting owners, David Storey and Brian Baxter, said: “Paul and the team at Mincoffs have been brilliant form the first meeting. The support and advice has been invaluable in helping us achieve the management buy-out.
“We have had full confidence in Mincoffs from the first time we met. Throughout the entirety of the deal, the advice, support and handholding was first class.
“Nothing was too much trouble, Paul and the team were always available when we needed them; a great team to deal with.”
Azets’ corporate finance team on the deal comprised Lee Humble, chief executive – Azets corporate finance, David Foreman, partner, and colleague Oliver Williams, alongside tax advisory services from the Azets tax team.
Lee Humble said: “Tustain have been a long-standing client of ours in the North East region and it’s been a pleasure watching the business go from strength to strength.
“It’s great to see succession planning for a regional powerhouse and we wish them all the best for the next chapter and look forward to supporting them in the future”
David Foreman said: “Tustain Motors is an extremely successful operator in the region’s automotive retail sector, with various franchised dealerships.
“It was a pleasure to support exiting owners David Storey and Brian Baxter, who have been growing the business over the past 16 years, over the course of this transaction.”
The management team were represented by Square One Law LLP.
Tustain Motors, named after the retired co-founder John Tustain, is headquartered at North Seaton Industrial Estate, Ashington, Northumberland.
There are seven car dealerships, with a range of hundreds of cars and commercial vehicles. Sites are also official Bosch Care Service Centres.
Other sites include Haddington and Hawick in Scotland, Berwick-upon-Tweed, Alnwick and Cramlington.
