Rapid growth is marked with 15 new acquisitions
Feb 16 2009 by Peter McCusker, The Journal
CASH reserves plus bank credit have seen a rapidly growing tyre, exhaust and car servicing company purchase 15 new trading outlets for £3m.
This comes as North Eastern Tyre and Exhausts unveiled an impressive set of annual results which has seen turnover rise by 10% to £43m.
Although like for like sales are expected to rise only modestly in the coming 12 months the addition of the new outlets will push the Middlesbrough-based company’s turnover to £50m this year.
Managing director of the 37-year-old company Gavin Marshall said: “We are very pleased with our continued growth. We set ourselves targets and we are pleased to say we have achieved them.
“These acquisitions help us further along the path of our strategic plan. We have secured 84 jobs and our people now have an opportunity to develop themselves in our business.”
When Goodyear decided to offload its HiQ servicing centres late last year Mr Marshall saw the opportunity to rapidly progress his company’s development. He secured 15 of its sites in the North East and Yorkshire, with eight of these being based between the Tees and the Tweed.
