Hilton Smythe is pleased to announce the successful sale of Parkview Automobiles to Enterprise Rent-A-Car Limited.
Parkview Automobiles is a prominent used car dealership, based strategically in East London and boasting an impressive reputation. In 2022, it ranked #3 of 229 car dealerships in London.
In addition to their physical store, Parkview Automobiles also has a strong online presence and outstanding reach.
Hilton Smythe identified a prospective purchaser in Enterprise Rent-A-Car, a very large player in the UK industry.
The nature of the deal changed as negotiations proceeded, changing from a share sale to a sale of property and location.
Enterprise was after a key location in Chingford and the location of Parkview Automobiles was ideal and within their expansion plans. They have grown a lot throughout the country and are continuing to do so with rapid geographical expansion.
Gareth Smyth, CEO Hilton Smythe Group said: “As the deal was so unusual, and wasn’t based on traditional deal metrics (profit, turnover etc) the biggest challenge was to agree, and to negotiate in general.”
“There were multiple parties involved, including the council, in order to approve Enterprise’s planning permission, which influenced the timescale significantly.”
“The vendor was quite frustrated with the timescales, but we tried our best to keep him engaged and offered reassurance which helped.”
The business first went on the market in August 2022, with a first offer made in record-time in only 2 weeks. Completion followed shortly in March 2023.
Thinking about exiting your business then contact Hilton Smythe today and discover how we can help you achieve your goals.