An entrepreneur has driven away from the motor retail business he’s run for more than three decades after selling it to a national retailer.
The Hodgson Motor Group’s Toyota, Mazda and Suzuki dealerships at the Metrocentre in Gateshead and Silverlink in Newcastle, have become part of the Doncaster-headquartered Stoneacre Motor Group after Managing Director Steve Hodgson decided it was time to retire.
The entire 180-strong Hodgson workforce is being retained by Stoneacre, which intends to invest in continuing to grow its newly-acquired dealerships.
Jonathan Waters and Ben Jackson of the specialist corporate & commercial team at Hay & Kilner Law Firm in Newcastle acted on behalf of The Hodgson Motor Group in the disposal, which had originally been due to complete in March before being delayed by the pandemic.
Steve Hodgson joined what was his father’s motor repair and retail business from school in 1976 and led the group’s expansion into its first large purpose-built dealership at the Silverlink Retail Park in 1992, which was the initial stage of its development into a region-wide business with an annual turnover of around £80m.
Steve Hodgson says: “When I decided it was time to take a step back, we looked at a number of different firms who expressed an interest in taking the business on and it was clear from our very first meeting that Stoneacre had the same values and personal approach that we’ve always held.
“The deal was done on a handshake and it’s great to be leaving the business and our excellent team in such good hands.”
Stoneacre Motor Group represents 26 manufacturer partners in 59 locations with 120 franchised outlets.
Managing Director Shaun Foweather said: “For over 30 years, Steve has operated a business in the Newcastle area and developed a great reputation with customers and has a very high level of staff loyalty.
“He is leaving the business in great shape and creates a fantastic opportunity for Stoneacre to grow it further.
“We’re retaining all of the existing team and intend to provide them with full head office support, training through the Stoneacre Training Academy and full integration into the Stoneacre Culture to ensure that customer satisfaction is further enhanced under the Stoneacre brand.
“I would like to wish Steve a happy and fulfilling retirement and welcome the Hodgson team into the Stoneacre family.”