McMahon bags Rolls Royce 30 | 06 | 2014
MURRAY MOTOR GROUP’S Rolls Royce and Aston Martin business in Edinburgh have been bought by Hugh McMahon, the ex-owner of Lomond Audi.
McMahon, who sold the Lomond Audi business in July 2012 for £15m to Lookers, paid £3m for the new Edinburgh business in a deal funded by Barclays’ Scottish Corporate Banking team
It signals another step in what has been a meteoric rise for McMahon, who started out as a technician in the motor trade at the age of 16 before moving into sales and then management.
The Sighthill outlet is the sole authorised dealership for the luxury car brands in Scotland. The £20m-turnover business is expected to grow to £30m in the medium term.
“There is a strong opportunity to grow sales of both brands which are moving into an exciting stage of their development," McMahon said.
Related: Record Q3 result for Lookers after Lomond Audi purchase
Working with his son, operations director Chris, and Brian Ritchie, finance director, McMahon also has plans to expand the dealership’s used car business.
“The market for used luxury cars is buoyant and we are looking at the potential of extending our stock to include quality assured used vehicles.
“Our first priority, however, is to consolidate our existing position. We have taken over a good business ,but I want to make it a great business for customers and employees.”
Alan Maudsley, head of corporate development, Barclays Corporate Banking Scotland, said: “Our team has worked with Hugh in his previous businesses and his wealth of experience in the motor industry coupled with his robust plans for growth meant we had the appetite to support this deal.
“Car sales have long been a measure of economic confidence and although the luxury end of the market has been affected less than most, it too is starting to see an upturn in sales making the business an attractive investment choice.”
Related: Exclusive roadtest — Electric Rolls-Royce 102EX Phantom
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Jim McGill
CAPTION (From left): Brian Ritchie; Alan Maudsley, head of corporate development, Barclays Corporate Banking Scotland; Hugh McMahon and Chris McMahon.