Aston Barclay has acquired The Car Buying Group (TCBG), one of the largest independent consumer car buying companies in the UK.
Selling more than 10,000 cars nationwide on behalf of car owners and interacting with tens of thousands more, TCBG features at number 20 in the 2018 Sunday Times Tech Track 100 list of the fastest-growing private technology companies.
The acquisition will enable Aston Barclay to widen the breadth of new products and services it offers to its customers, while TCBG will benefit from the group’s strong IT reputation for launching new technologies designed and developed in-house.
Aston Barclay’s new Wakefield Mega Centre will become home to TCBG, with current CEO Tom Marley moving his 30-strong team to the 18-acre site when it opens in quarter four.
Marley will continue to run the business with his current management team and there are plans to double the size of the company and its workforce over the coming years.
Aston Barclay already has a strong relationship with TCBG, selling used cars on its behalf at Donington and Chelmsford. All used car volumes will move to Aston Barclay by the end of 2018, with an increased focus on further building the TCBG brand with buyers across the UK.
TCBG’s CEO Tom Marley said: “We have had a great journey over the past few years in launching and building the business. Becoming part of the Aston Barclay family will provide further support and investment to speed up that growth, and for our brand to become a household name with consumers.
Neil Hodson, Aston Barclay’s CEO, said: “Our senior management team have known and worked with TCBG for several years and we have admired what they have achieved whilst up against bigger corporate competitors.
“The acquisition is a perfect fit for the group as it provides us with extra volume and access to new technology which we can offer to dealer and vendor customers. We will grow the business on a national basis over the coming years.
“Our new Wakefield Mega Centre will immediately become a dynamic place to work as the TCBG team of 30 joins the 40 staff from our Leeds auction. With 75,000 square feet of auction and office space, we have plenty of capacity available for further growth.”
As part of the acquisition Aston Barclay were advised by Dentons UK and Middle East LLP and FRP Debt Advisory. TCBG meanwhile were advised by Freeths LLP and Dow Schofield Watts.
Picture caption: Neil Hodson CEO of Aston Barclay and Tom Marley CEO of TCBG