Orbis Partners Advises on the Acquisition of Weeting Tyres by Goodyear Dunlop Tyres UK
East Anglia based Weeting Tyres has been acquired by Goodyear Dunlop Tyres UK Ltd (Goodyear). Orbis Partners provided both acquisition support and financial due diligence for the deal, reporting into the team at Goodyear.
Weeting Tyres provides a tyre fitting, automotive service and MOT facility to consumers and corporate clients from five retail branches across East Anglia. Four out of the five branches operate within Goodyear’s franchise network, HiQ, with the fifth branch being independent.
The acquisition strengthens Goodyear’s position within the retail market and enhances the groups value proposition for customers. Now the acquisition has completed, all of Weeting’s retail outlets will operate under Goodyear’s HiQ brand.
Orbis Partners were engaged by Goodyear to assist with the acquisition, providing advice and process management support.
As part of the financial due diligence, Orbis undertook a detailed investigation of the historical, current and forecast financial performance of Weeting Tyres.
The acquisition of Weeting Tyres strengthens the competitive advantage of Goodyear and HiQ by creating an even stronger value proposition for its customers. Goodyear is responding in a smart way to the market conditions. It also confirms the importance of retail to Goodyear’s business. We have been successfully working together with Weeting Tyres since 2011 and we have been impressed by the dedication of the team and quality of the car parc in their region. We look forward to creating the branches into centres of excellence within our network.
Craig Sprigmore, Retail Director
We were pleased to assist Goodyear in getting this transaction over the line. We are sure this business will continue to thrive under its new ownership.