One of the UK’s leading car parts retailer has acquired a competitor in a multi-million deal with financial support from Barclays.
Leicestershire-based Parker Motor Services has acquired A E Cook. Both businesses have significant representation across the East Midlands region. The combined business will see turnover increase to £27m and will offer employment to 350 people.
Parkers was founded in 1924 and has over ninety years’ experience of supplying original equipment, replacement car parts and supplies spares for all makes and model of car.
Robin Parker, managing director of Parker Motor Services, said: “This latest acquisition fits perfectly with the current Parkers geographic locations and was a deal that suited both parties. Over the coming years we hope to grow market share with these additional branches and further strengthen our position in the UK automotive market”.
Financial support was provided by Barclays. Richard Parker, relationship director for Barclays in Leicestershire, said: “Parkers have a long history in the industry and a great reputation. The two businesses complement each other and will enable them to increase their market share. This forms part of our overall growth ambition plan and I am therefore delighted we have been able to support them with this acquisition”.
Keith Ross, corporate director at Barclays, added: “We have a long and successful relationship with Parker Motor Services and we are really pleased to have supported the most recent acquisition. This provides the company with an enlarged regional geographical footprint, as well as benefitting from operating efficiencies, as a consequence of the increase in scale”.