FSP advises shareholders of Lovells and Pronto repair centres on sale to Steer Automotive Group
The Corporate team at Field Seymour Parkes has advised the shareholders of Lovells (Peterborough) Limited, Mondex (Eastern) Limited and Pronto Care Midlands Limited on the sale of all three companies to Steer Automotive Group Limited. (“Steer”).
Lovells Auto Body Centre was established in 1972 but its roots go back to the Lovells family garage which was first established in Peterborough during the 1930s. Lovells and Pronto provide automotive body repair from its 11 sites across the East of England and boasts approvals from a number of leading manufacturers such as Tesla, Mercedes-Benz, VW Audi, BMW Kia, and Hyundai.
Duncan Exton and Chris Hammond’s decision to sell the companies to Steer was motivated by Steer’s comparable business ethos and dedication to providing excellent customer service. Supported by Steer’s current senior leadership team, the operations team is to remain in place to ensure a seamless transition.
With 113 locations and repairing over 100,000 vehicles per year, Steer has become the UK’s largest independent repair group. The company has also been recognised as one of Britain’s fastest-growing private companies and this acquisition is a further sign of Steer’s growth trajectory, demonstrating its commitment to expanding its footprint in the East Midlands and East Anglia.
Commenting on the sale, the Duncan Exton and Chris Hammond said ‘We have the utmost confidence we’re leaving our customers, colleagues and the business in good hands. We wish them all the very best for the future and look forward to seeing the progress the business makes in the coming months and years under Steer’s stewardship.”
On working with FSP, Duncan Exton and Chris Hammond commented “Penelope and her team at FSP were excellent in guiding us through the process, they were extremely professional at every stage and gave excellent advice and guidance, Chris and Duncan would like to thank all the team involved from FSP for their assistance in getting the deal over the line.”
The team at FSP was led by Corporate Partner Penelope Garden with support from Jeremy Parkes (Partner, Corporate), Harriet Wright (Associate, Corporate), Joanna Stepien (Associate, Real Estate) Emma Ferdinando (Associate, Employment), Dan Barnhouse (Legal Director, Banking and Finance), Amelia Calder (Trainee Solicitor, Corporate), Edward Deutrom (Trainee Solicitor, Banking and Finance) and Charlotte Hudders (Paralegal, Corporate).
