10 deals of HMT – The disposal of Swindon Automobiles
To celebrate its 25th anniversary of leading corporate finance deals, HMT is reminiscing on 10 notable transactions from our archives. Having completed over 500 deals, producing a shortlist of 10 has not been easy but the disposal of Swindon Automobiles has definitely made the list.
John Sudbury, founder of Swindon Automobiles was one of HMT’s very first client. Andrew Thomson of HMT has acted for John since the inception of HMT in 1992 and has assisted with both the acquisitions and disposals of various motor franchises over the years.
John founded Swindon Automobiles in 1981 and developed main dealer franchises across the South of England including Swindon, Warminster, Luton, Dunstable and Watford. Franchises included Rover, Jaguar, Saab, Seat, Citroen and Subaru dealerships.
In 2006, John decided it was time for him to retire and dispose of the business and appointed Andrew. HMT managed the whole disposal process and provided tax advice in respect of a pre-sale reorganisation.
In June 2006, John sold Swindon Automobiles to Cambria Automobiles plc which was initially private equity backed but has since been listed in London. John described the sale as a “good deal for all parties”. John retired after the disposal of Swindon Automobiles and is now a consultant for the motor industry.