The Office of Fair Trading (OFT) has cleared Bradford-based car retailer JCT600’s acquisition of the £200m turnover Gilder Group.
John Tordoff, chief executive of JCT600 said: “Although it was no surprise to us or our advisers, it’s nevertheless good news that the regulator has now agreed that the deal did not result in a decrease in competition within the car dealership markets. We were always confident of a positive outcome, although cooperating with the OFT process has hampered our planned integration of the two businesses.
“This delay in bringing about operating efficiencies will inevitably hit the bottom line, but we’re glad to be able to put the matter behind us and look to the future. We are already actively integrating the former Gilder businesses, and we are now able to again focus on our strategy of seeking new acquisition opportunities to further strengthen the JCT600 group.”
JCT600 announced the acquisition of Sheffield-based Gilder Group from its outgoing chief executive Garry Scotting in March 2013 for an undisclosed eight-figure sum.
The deal included nine of Gilder Group’s car and commercial vehicle dealerships, two parts depots and a body shop, strengthening JCT600’s presence in South Yorkshire, Derbyshire and Nottinghamshire. It took the business to a total of 47 dealerships and increased JCT600’s workforce from 1,350 to over 1,800.