Vardy sells final dealerships and Car Money broker – Daily Business

Peter Vardy: shifting focus

Peter Vardy has withdrawn from car retailing after selling its final two dealerships to Netherlands-based Van Mossel UK for an undisclosed sum.

The sale of two Porsche centres in Perth and Aberdeen brings to an end three generations of family involvement in car retailing. The sites employ 93 staff and generated revenues of £120m.

Vardy has also sold its CarMoney digital finance platform to Itochu Corporation, following approval from the Financial Conduct Authority (FCA).

The deal, for an undisclosed sum, sees the Motherwell-based car finance broker continuing to operate as an independent business.

Founded in 2016 by Peter Vardy, CarMoney now aims to expand further across the UK and internationally. The existing management team will remain in place following the acquisition.

The firm brokered a record £309m in loans, delivered £33.8m in revenue and generated £4.5m in trading profits last year, while continuing to grow its workforce and UK franchise footprint.

The group said its long-standing purpose of selling to give would remain central as it pivots from retail operations towards investment and growth businesses across technology, fintech and mobility.

Vardy’s Porsche showrooms have been acquired

Peter Vardy, chief executive of Peter Vardy Global, said: “Peter Vardy Global focuses on investing in high- growth businesses across technology, fintech and automotive, where our experience and the strength of our teams can help accelerate growth and create long-term value.

“CarMoney is a strong example of that approach, and partnering with ITOCHU provides the scale, capital and international perspective to support the next phase of its development.”

Car Money chief executive Alastair Grier said: “With ITOCHU as a long-term owner, we are well positioned to accelerate growth, invest further in the business and create additional jobs in Scotland, while continuing to deliver for our customers, partners and franchisees.”

Peter Vardy bought his first dealership, a Vauxhall showroom at Perth, almost 20 years ago at the age of 27, following the sale of Reg Vardy by his father Sir Peter Vardy to Pendragon in 2006 for £450 million.

He then expanded the business into an AM100 dealer group which, at its peak, represented brands including BMW, Mini, Porsche, Vauxhall, Jaguar and Land Rover.

Vardy said the business created close to £200 million in enterprise value during its growth, while donating nearly £15m to charitable causes.

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