Published: 10:30, 17 October 2017 |
Updated: 10:35, 17 October 2017
A tyre dealer and MOT centre business is under new ownership.
Watling Tyres, which had a turnover of £25 million last year, is fully-owned by director Roger Flury and his family after he bought out the company’s shares for an undisclosed sum.
The firm, which is headquarted on Pelham Road in Gravesend, also underwent a restructure in the deal negotiated by Tunbridge Wells and Dartford-based law firm Thomson Snell & Passmore.
The transaction saw autocentre specialist the Universal Tyre Co, which is headquartered in Dartford, sell its shareholding in the business, which had been between 25% and 50%.
Records at Companies House show Andrew Wright is also no longer a director.
Watling Tyres, which launched more than 55 years ago, has 16 branches across Kent and the South East employing 135 people.
Director Mr Flury said: “We are delighted to have concluded this transaction which secures 100% 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.”
“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...” - Roger Flury, Watling Tyres
Thomson Snell & Passmore partner 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 the Carley Partnership chartered accountants.
Partner Claire Ralph said: “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.”
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