Deal struck for Toyota and Lexus dealerships

Motorline’s entire network of 19 Toyota and Lexus dealerships have been acquired in a deal supported by Howes Percival’s dedicated automotive sector team.Motor dealership groups Steven Eagell, Listers and FRF have purchased the dealerships, including:Toyota AshfordToyota BromsgroveToyota CanterburyToyota GatwickToyota HerefordToyota HorshamToyota StourbridgeToyota Tunbridge WellsToyota WorcesterLexus CanterburyLexus GatwickLexus Tunbridge WellsThe deal is Howes Percival’s third major motor dealer M&A transaction completed in the last 12 months, following transactions for the Steven Eagell Group in July 2022 and Group 1 Automotive in September 2022. Led by corporate partners Andy Harris (also head of the firm’s automotive sector group) and Tom Redman and commercial property partner Marcus Carter, the firm mobilised multi-disciplinary teams across several offices.Redman said: “We were delighted to have acted for Steven Eagell, Listers and FRF on their Toyota/Lexus dealership acquisitions and we wish them every success as they integrate their new dealerships into their existing portfolios.”Harris added: “These are interesting times for motor dealers, as some manufacturers move towards an agency rather than conventional distributorship model. The move to electrification has fallen slightly behind target for some, as the UK’s charging network struggles to cope with the increasing number of EVs on the road. Motor dealers also face increased competition from online car supermarkets. “Howes Percival is in the thick of these changes and we are ready to support our clients not only on their M&A aspirations but also with day-to-day, business-as-usual matters.”