Sale of a collision repair center in Sunderland, Newcastle and Darlington

The former collision repair center, which has sites in Sunderland, Newcastle and Darlington, employs 100 people across its three sites and generates a turnover of around £10 million.

Following the sale it has now become part of Steer Automotive, one of the UK’s leading automotive repair groups with more than 50 sites across the country.

The sale – for an undisclosed sum – was carried out by Richard Reed Solicitors, assisted by Sunderland-based accountancy firm TTR Barnes.

The deal, which took about six months to complete, involves the sale of the trading company’s shares to Steer Automotive, while owners Roger Collings and Robert Taylor retain the holding company.

Phil Moir, a director at Richard Reed who specializes in corporate and commercial work, said the sale was a significant sale and contributed to a “record year of transaction work”.

“We were pleased to be able to undertake this transaction in Sunderland, with both Richard Reed and TTR Barnes working together to make everything as smooth as possible,” he said.

“It also highlights the high level of expertise we have in the city and that companies don’t need to go further afield for these types of services.”

Roger Collings said it was the firm’s previous experience with Richard Reed Solicitors, as well as a desire to find the expertise and knowledge it needed to sell in Sunderland, that drove the decision.

“Richard Reed has previously advised the company on other legal matters, which were carried out promptly and efficiently,” he said.

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“The sale of the company was made more difficult by the fact that there were three trading companies and a group holding company. In addition, rental agreements had to be concluded for the four properties that remain with the group holding company.”

Mr Collings praised the work of both Sunderland companies and recommended them “not only for the sale of the business but also for other support services”.

“The due diligence process took several months, but with the support of TTR Barnes and Richard Reed, it was completed with relatively few challenges,” he said.