The chairman of car dealership CD Bramall is about to receive a £75m windfall after his company agreed to a £230m takeover.
Tony Bramall's family has a 33 per cent share in CD Bramall, of Harrogate, which is to be bought by the UK's largest car dealer and luxury vehicle specialist, Pendragon.
The company was founded in 1990 when Mr Bramall purchased a holding company as the vehicle to build a new dealer group. It carries the initials of his father, Charles Douglas Bramall, who began the family's involvement in car retailing in the 1950s in Sheffield and Bradford.
The deal, still subject to shareholder approval, will make Pendragon, based in Nottingham, the UK's number one retailer.
Pendragon operates 117 franchises from 109 outlets in the UK and 22 franchises from 16 overseas outlets.
Franchises include Aston Martin, BMW, Ferrari, Jaguar, Land Rover, Porsche, MG Rover and Volvo.
CD Bramall has 133 franchises, operated from 111 outlets and is also involved in leasing, contract hire and rental of vehicles.
Its car division includes franchises with Audi, BMW, Citroen, Ford, Jaguar, Land Rover, Mercedes-Benz and Vauxhall.
The acquisition was made possible by recent changes to car dealership laws, which have increased commercial independence for franchised dealers.
The Block Exemption rule changes, which came into effect in October 2002, enable car dealers to have more than one franchise on each site.
Trevor Finn, Pendragon's chief executive, said: "The recent changes to retailers' franchise agreements are likely to drive further consolidation in the industry, and through this transaction, we are confirming our position as the number one car retailer in the UK."
The move is expected to have little impact on jobs.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article