Sparshatts motor sites across Fareham are being re-branded to Richmond.
Richmond Motor Group - which is based in Farlington - has acquired four Sparshatts franchised businesses, including two Skoda sites, one Suzuki site and one Mitsubishi site, split between Botley and Fareham.
The Sparshatts sites will now be re-branded under the Richmond umbrella.
The group now has 12 franchise locations and one used car supermarket, covering the south of England and employs more than 500 people.
It is planning on adding four further franchise locations within the next 12 months, which would see the group grow to 17 outlets.
A number of the Sparshatts directors have retained the company name and their non
franchised used car outlets.
The Richmond Group is owned and was founded by entrepreneur Michael Nobes, who started his motor career as a part-time valeter when he was at school in Portsmouth
He opened his first Richmond Hyundai site in 1995 and the Richmond Motor Group is now a quarter-of-a-billion pound business.
He said: ‘The acquisition is key to diversifying the group’s portfolio to ensure long term resilience in a tough UK market.
Despite a general downturn in the UK automotive sector, all our existing businesses have seen significant year on year growth, which is a testament to the fantastic team of people we employ. We intend to apply many of the Richmond cutting edge processes to the Sparshatts business to leverage profitability and returns.’
In a joint statement, Louis Jones, managing director of Sparshatts and Michael Nobes said: ‘This is a deal that works for everyone, Richmond acquire the franchised businesses to diversify their portfolio of brands and it allows an exit strategy for some of the Sparshatts directors whilst allowing others to reinvest and expand in a consolidated used car business.
‘It works for all the brands involved but most importantly all the existing staff are retained in one of the two businesses.’
Richmond Motor Group were the highest new entry to the top 100 dealer groups in the UK this year.