STORMONT BOUNCES BACK
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A management buy-out team using finance from Iveco's Transolver operation has acquired the Stormont Ives() Ford dealerships. They were bought from the joint administrative receivers of HMG Holdings, the multi-franchise dealer group that collapsed earlier this year.
The MBO team is made up of managing director Bill Sangster, sales director Paul Latham and finance director Paul Sainsbury. Trading as Stormont Truck and Van, the new business will continue to operate from sites at Brighton, Crayford, Kettering, Northampton and Hildenborough. All these outlets will handle the Daily van range as well as heavy trucks--Hildenborough no longer has a Ford van franchise so there is no clash, says Sainsbury.
Stormont no longer holds the Seddon Atkinson franchise either, despite the fact that SA is part of the Ivaco family. "Our franchises were terminated when the firm went into administrative receivership and we have not been re-appointed," says Sainsbury. He applauds Lloyds TSB and Stormont's customers far their support, adding: "Our employees have stuck by us too." Up to 220 new and used vehicles were sold during the receivership.