Watling now 100 per cent owned by directors following restructuring
Watling Tyres, which has been growing in recent years, has been restructured in moves that sees the directors take over 100 per cent of the company. The firm had previously been 49 per cent owned by universal. Watling Tyres was ranked 19th on Tyres & Accessories’2017 leading UK tyre retailers ranking.
The firm turned over in excess of £25 million in its last financial year and is said to be confident that the recent restructuring positions the business to “continue to grow and support its loyal customer base”.
Watling Tyres, which provides a wide range of tyre and fitting services, MOTs and auto servicing, has been established for over 55 years and has a total of 15 branches across the Kent county and surrounding areas.
Leading South East law firm Thomson Snell & Passmore have advised Kent based family-run tyre dealer and autocentre company, Watling Tyre Service Limited, this week in connection with a share purchase and restructuring transaction for an undisclosed sum.
Director of Watling Tyres, Roger Flury, said: “We are delighted to have concluded this transaction which secures 100 per cent ownership of our company. We can now work to recognise our long-term objectives, which include expansion and refurbishment of selected depots and continuing to focus on offering our customers the best possible service available. I would like to thank our 135 loyal employees at Watling Tyres for their hard work and commitment, making this transaction possible, and also for the assistance and advice from Joanne and her team at Thomson Snell & Passmore, Claire from The Carley Partnership, and Nigel and his team at Barclays for guiding me through the process of the acquisition.”
The transaction team at Thomson Snell & Passmore was led by partner and Head of Corporate, Joanne Gallagher, who was assisted by Faye Cook and Jennifer Hawkes. Alex Lewsley and Sophie Ogilvie also advised on the commercial property aspects of the deal.
Commenting on the transaction, Joanne Gallagher said: “We are absolutely delighted to have advised on the transaction, and to have achieved a successful outcome for all parties involved. We wish Watling Tyres every success in the future.”
Watling Tyres was also advised by Claire Ralph, Partner of The Carley Partnership chartered accountants, who said: “We are pleased to have been able to assist on the transaction for our client. The process was smooth from start to finish and resulted in a successful outcome for Watling Tyres. We look forward to continuing our relationship with the company and are sure that, as a result of the restructuring, the business will continue to go from strength to strength.”