Two childhood friends from Matlock have completed the buy-out of one of the East Midlands’ most prominent family-owned motor groups.
John Oldfield and Gary Siddall completed the deal to take ownership of Beechdale Motor Group after the retirement of Les Waterfall, who founded the company along with Mike Wood in September 1982.
John, who was already a director and shareholder, now holds a majority stake in the company, with Gary taking part ownership of the group, which is based at the Parker Centre on Mansfield Road in Derby.
John and Gary have been friends for more than 30 years and have worked together for almost two decades. John joined Beechdale in 1988 and became general manager before being appointed director in 2006. Gary joined the company in 1991.
The group now sells 700 cars a year and is the main dealer for Alfa Romeo, Hyundai, Isuzu and SsangYong. It also sells a range of quality used cars.
The deal was completed by a team led by Midlands accountants and business advisors Smith Cooper. Ran Oren, partner and head of corporate at Derby law firm Flint Bishop, advised Beechdale and its new owners.
Director John Oldfield said: “We are delighted to have completed the buy out from Les and would like to wish him all the best for his retirement.”