Azets steers management buy-out of Tustain Motors – Daily Business

A vehicle dealership with seven sites in Scotland and northern England has been sold to a management buyout team.

Tustain Motors employs 112 staff and has a turnover of nearly £41m.  The sites are also official Bosch Care Service Centres.

The deal sees David Storey and Brian Baxter, who joined as directors in the same year, exit the operational business and move to a co-chairman role.

The dealerships include sites in Haddington, East Lothian, Hawick in the Borders and Alnwick in Northumberland.

Accountancy and business advisory firm Azets acted on behalf of Tustain Motors. Corporate finance team on the deal comprised David Foreman, partner, and colleague Oliver Williams, alongside tax advisory services from the Azets tax team.

Mr Foreman said: “Tustain Motors is an extremely successful operator in the automotive retail sector, with various franchised dealerships. It was a pleasure to support exiting owners David Storey and Brian Baxter, who have been growing the business over the past 16 years, over the course of this transaction.”

Mr Storey and Mr Baxter said: “David and the Azets team have been a great support helping us achieve a management buy-out.”

Tustain Motors, named after the retired co-founder John Tustain, is headquartered at North Seaton Industrial Estate, Ashington, Northumberland.  Lawyers involved on the legal side were Mincoffs in Newcastle.