The acquisition of Ringways Motor Group
D. M. KEITH INVEST IN FUTURE GROWTH
D. M. KEITH INVEST IN FUTURE GROWTH AS ACQUISITION OF RINGWAYS MOTOR GROUP ANNOUNCED
6th July 2021
D. M. Keith invest in future growth as acquisition of Ringways Motor Group announced
D. M. Keith Ltd has increased its representation across Yorkshire with the acquisition of Ringways Motor Group.
Family owned, D. M. Keith now represents six brands, with thirteen showrooms across ten Yorkshire & Lincolnshire locations. The company continues to grow with franchised partners ŠKODA, SEAT, CUPRA, Honda and now with the addition of Ford and Kia to the extensive brand portfolio.
The acquisition is a great strategic fit for D. M. Keith as both businesses are culturally aligned, with a focus on family values and a similar age with a strong emphasis on delivering exceptional customer service with a personal touch.
Dougal Keith, Managing Director of D. M. Keith said “We are very excited to represent two new brands Ford & Kia, within our portfolio alongside our existing franchise partners.
Ford being the UK number one top selling brand, with a market share of 33% on Commercial vehicles and Kia which is at the forefront of their electric vehicle rollout plan, means it is a great time to join brands who are evolving and future proofing for the ever-changing market.
The acquisition of Ringways; a well-known and respected business in the Yorkshire area, enables us to continue to invest in our business for future and sustainable growth. We have a long-term desire to increase our portfolio and the addition of two fantastic brands is a huge step in the right direction. The expansion will see D. M. Keith move from 91 to the top 60 AM100 businesses, which is a lifelong ambition of mine. Myself and the whole D. M. Keith team are looking forward to welcoming Ringways into the D. M. Keith family”.
Stephen Russell, Managing Director at Ringways (left) and Angus Keith, Director at D. M. Keith (right)
In a turbulent and unprecedented 18 months D. M. Keith has continued to grow which builds and ensures confidence across the business in a time which has seen much employment uncertainty and upheaval, something which no one could have predicted.
All Ringways employees have been transferred to D. M. Keith Ltd with the transfer of staff and assets to take place from the 30th June 2021.
D. M. Keith currently employees 290 staff members and will now increase this total to 445 employees.
The combined annual turnover of £250million will move the Leeds based business into the enviable top 60 position within the AM100 Motor groups within the UK. Previously placed at 91 (from 96) in 2020 this is a great achievement for brothers Dougal & Angus Keith.
NatWest provided funding support for the acquisition. Adam Turvey, Senior Relationship Manager at NatWest, said: “It’s an exciting time for D. M. Keith as they continue to build on their successful portfolio. The business has shown incredible resilience over the last year and the expansion demonstrates just how successful it has been despite challenging economic climate. We wish them every success for the future.”
A team from Yorkshire law firm Gordons, led by Partner Duncan Firman, advised D. M. Keith on the acquisition. Steven Millward led a team from Schofield Sweeney LLP (including Jessica Fielden and Alex Aitken) who advised the outgoing shareholder.
D. M. Keith Ltd has been established in the Yorkshire area for more than 55 years and has operated a ŠKODA dealership in Leeds since 1976. The acquisition of Westgate Motors in 2018 saw the business expand its geographic footprint into Lincolnshire.
Award winning vehicles, family values and staff who are passionate about the brands they represent, have made D. M. Keith Ltd the success it is today.