Friday, August 12, 2022

Advisers revealed behind The Fleet Auction Group transaction

Tax specialists from Leicester-based WestBridge Group have advised on the sale of a 22-acre facility on Stephenson Industrial Estate in Coalville to one of the UK’s largest wholesale used vehicle suppliers.

The site was previously owned by The Fleet Auction Group and has been acquired by Motability Operations who are set to develop the space into a state-of-the-art vehicle conditioning centre, doubling its existing capacity to assess and refurbish vehicles.

The site will be operated by IT Fleet, one of Motability’s vehicle refurbishment partners and up to 25,000 vehicles will be refurbished on the site each year and sold through the business’s remarketing arm, mfldirect. Motability expect that their investment in the site will be a long term commitment and going forward will generate jobs for the local area.

Tax advice on the transaction was provided by Tom Moore and Lucas Harding-Cox from WestBridge Tax, part of The WestBridge Group, which also includes WestBridge SSAS.

Tom Moore said: “We are delighted to have supported this transaction which was significant for both parties and will undoubtedly have a positive impact on the local economy going forward.”

Fleet Auction Group chairman Martin Betts said: “Bringing Motability Operations to Coalville, to create a state-of-the-art vehicle conditioning centre, will leave a lasting legacy and be a positive contribution to the regeneration of the local area.”

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