Peter Vardy Group announces major Scottish downsizing
The Peter Vardy Group has announced it will sell Porsche dealerships in Perth and Aberdeen to the Dutch-based Van Mossel Automotive Group.
The two organisations have reached an agreement subject to FCA approval.
Last year the two sites, which will operate under the umbrella of Van Mossel Automotive International, sold a combined 1,623 vehicles, including 512 new and 1,111 pre-owned Porsche models, generating a revenue of £122.4m.
Peter Vardy, CEO, Peter Vardy Global, said: “I am extremely proud of the business we have built and the success we have enjoyed with Porsche over the years. It has been a pleasure to develop two brand-new purpose-built Porsche dealerships in Aberdeen and Perth, and two new service centres to support the expanding number of Porsche cars on the roads today.
“I am confident that the transition to Van Mossel will continue to see the business deliver exceptional customer experiences and a strong financial performance.”
Eric Berkhof, CEO Van Mossel Automotive Group, added: “This step fits well with our strategy to further expand our presence in the United Kingdom. We look forward to working together with the team in Perth and Aberdeen to further develop the activities and to continue offering Porsche customers in the region a high-quality brand experience.”
CarMoney
Meanwhile, CarMoney, which was founded in 2016 by Peter Vardy Global, has been sold to ITOCHU Corporation. Based in Motherwell, CarMoney provides flexible finance options for cars, motorbikes, light commercial vehicles (LCVs), and motorhomes.
It was named the 12th fastest-growing company in Scotland last year and brokered £309m in loans with revenues of £33.8m and profits of £4.5m.
Vardy said: “Peter Vardy Global focuses on investing in high-growth businesses across technology, fintech and automotive, where our experience and the strength of our teams can help accelerate growth and create long-term value.
“CarMoney is a strong example of that approach, and partnering with ITOCHU provides the scale, capital and international perspective to support the next phase of its development.”
