Macrae & Dick acquired by Park's 19 | 01 | 2016
SCOTLAND'S OLDEST CAR dealership group, Macrae & Dick, is under new ownership. The Inverness-based group has been acquired by Park’s of Hamilton, which now adds a further 12 dealerships to its network.
In addition to increasing Park’s representation of BMW, Jaguar, Land Rover and Honda, the expansion introduces new partnerships with Ford, Mazda and Toyota and taking its number of franchise partners to 23.
"We are thrilled to bring such a prestigious group into the Park’s portfolio and we look forward to the new challenges of extending our business," director Graeme Park said.
“We believe this is the right move for us. It is a purchase which sits well within our ethos and it is one which we are confident will enhance our business and add even more value.”
The expansion was also welcomed by fellow director Ross Park.
“We are moving in to new territory and we cannot wait to get started," he said. “The acquisition was assisted by the support of the Bank of Scotland, in terms of funding, and that of our current partners – BMW, Jaguar, Land Rover and Honda – who were all supportive of increasing our representation of their brands.”
While Park's already has a presence in Ayrshire, Fife, Glasgow, Lanarkshire and West Lothian, the takeover adds sites in Aberdeen, Elgin, Inverness, Perth and Stirling.
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“The purchase of Macrae & Dick is a perfect fit for the business," Mark Hull, Bank of Scotland’s relationship director, said, "and we look forward to continuing to support its growth ambitions to make the group an increasing driving force within the Scottish motoring industry.
“Macrae & Dick, based in Inverness, Elgin, Aberdeen, Stirling and Perth, remain major dealers in these areas due to its ongoing philosophy of offering the highest quality and service to their customers. Again, this fits well with Park’s, which prides itself on its own industry leading standards.”
Macrae & Dick chairman Francis Hamilton, majority shareholder in the business, said he had been seeking “a motor group in Scotland which was similar to our own” after deciding to sell the firm – which can trace its roots back to 1878.
“In that I have identified Park’s Motor Group whose Chairman, Douglas Park, I have known for decades and he has my absolute trust in these fields,” Hamilton continued.
Park's — which was established in 1977, and which reported a turnover of £448,014,000 and gross profit of £61,321,000 in 2014 — now represents 23 manufacturers.
These include Bentley, BMW, BMW Motorrad, Citroen, Dacia, Fiat, Ford, Honda, Jaguar, Kia, Land Rover, Maserati, Mazda, McLaren, MINI, Mitsubishi, Nissan, Peugeot, Renault, Skoda, Suzuki, Toyota and Volvo.
Macrae & Dick was forged on June 30, 1878, when there was an announcement in the Inverness Courier about a partnership created between Roderick Macrae of Beauly and William Dick of Redcastle.
Together, the two gentlemen promised to provide horses and horse-drawn vehicles for hire to all Invernessians and visitors and to serve them to the best of their ability.
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Jim McGill