The UK’s largest dedicated dealership for Mercedes-Benz commercial vehicles has undergone a management buyout.
The Rygor Group’s former sales director John Keogh and head of truck sales Rish Channa have bought the company for an undisclosed sum. Funding for the transaction was provided via an eight-figure package from bank Shawbrook.
Originally founded in 1960 and headquartered in the Wiltshire town of Westbury, Rygor has grown its operations, with a number of branches across Berkshire, Gloucestershire, Oxfordshire, Somerset, West London, and Worcestershire. It became a service agent for Mercedes-Benz in 1986.
Following the deal, Mr Keogh has become the company’s managing director, while Mr Channa has taken on the role of commercial director.
The pair will be joined on the board by group finance director Tim Smith, and aftersales director, Sean Joyce who both joined Rygor at the beginning of last year. The company’s new owners said both had been “integral” in success it had seen over the past 18 months.
Mr Keogh said: “This is an extremely exciting time for us and the future of Rygor Group Ltd. We love the Rygor business and both Rish and I have been working within it for more than a decade.
“We have learnt a lot over the years from Tim Stacey, Paul Reed and Graham Drake who have been incredible owners of the Rygor business. Being able to say that we are now joint owners of the company, is a really special moment for us.”
Rygor is set to open a new 44,000 sq ft dealership at the Worton Grange industrial park in Reading - around a mile from its existing site in the town - in the next few weeks.
Mr Channa said: “[The investment] will allow us to offer enhanced services to our customers in the area, and our brilliant team at our current site will be moving over to the new dealership, so our customers can rely on the exceptional service they know and depend on.”
Law firm RWK Goodman, Deloitte UK’s corporate finance division and Bishop Fleming’s tax team, advised Rygor shareholders on the buyout.
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