Drive Motor Retail adds Hyundai to line-up with Minstergate acquisition

Drive Motor Retail has acquired Yorkshire-based dealer Minstergate for an undisclosed sum.

Minstergate, which operates MG and Hyundai sites in York, Hull and Scarborough, turned in pre-tax profits of £1.6m on turnover of £57.5m in the year to December 2021.

The acquisition introduces three Hyundai dealerships into the Drive group, whilst complimenting the company’s three existing MG dealers in Bristol, Leicester, and Darlington.

This increases Drive’s MG representation from three to six locations, making Drive one of the largest MG dealer groups in the UK.

Rob Keenan, joint managing director at Drive Motor Retail said: “We are thrilled that this acquisition has now been completed, enabling us to enter a new region of the UK which was not previously covered by a Drive dealership.

“Minstergate has been a very successful business for many years and is well regarded by the franchises it represents and their customers.

“We will continue to work with and support the existing teams, including giving them the benefit of our recently enhanced employee benefits scheme. I would like to thank the team at Minstergate for their support during the acquisition process, which has been completed in a remarkably short time.

Stuart Harrison, joint managing director added: “We are delighted to complete the acquisition of Minstergate, enabling us to add the Hyundai franchise to our portfolio at a very exciting time for the brand.

“We have built a successful partnership with MG over the past two years, so I am also pleased to expand our representation with MG at a time when the brand continues to deliver exceptional growth in the UK.

“The addition of Hyundai and the expansion with MG complements our existing business portfolio, giving us a wider geographical footprint with exceptional brand partners who we are proud to represent.”

The Minstergate dealerships will initially continue to operate under their current brand before transitioning to Drive later in the year.

Mark Campey, Minstergate Holdings chairman and CEO said: “Having owned the business for 18 years, selling to Drive made perfect sense. They have a fantastic business model and I know the team here will be in great hands. To be passing the company over to Drive seemed the right thing to do for the staff and the directors.

“Although I wasn’t actively looking to sell the business, Drive approached me in December 2022 and a deal was agreed quickly. The whole process has been smooth and professional.

“James Cuff, Minstergate’s managing director, will leave the company alongside myself and we both wish the team a successful future. It’s now time for me to step back and spend some quality time with my wife Helen and enjoy a simpler life!”

Following the acquisition now has a turnover of £400m per annum with 800 staff employed in 22 dealerships across the country.

Pictured (l to r) Stuart Harrison & Rob Keenan, joint MDs at Drive Motor Retail