Acquisition of Weeting Tyres by Goodyear Dunlop Tyres UK
BUSINESS OVERVIEW
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 to the local management team. We worked closely with Goodyear, taking the time to understand the strategy fully and to provide practical advice to help aid a smooth acquisition.
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
OUR ROLE
Orbis undertook a detailed investigation of the historical and current financial performance of Weeting Tyres Limited. Working closely with Whiting & Partners, Orbis helped to form a view on the underlying trading of the business as well as evaluating trends in historical sales for the business and evaluating the business’s working capital requirements.
Specifically, Orbis:
- Worked with the Buyer to agree a formal scope for the due diligence
- Worked closely with the business and their accountants to form a view on the underlying trading of the business as well as advising on a normal level of working capital
- Undertook a detailed investigation of the historical and current financial performance and position of the company, with a particular focus on the drivers of performance and key supplier relationships
- Reported specifically on key non-financial areas of the business as well as evaluating the controls and processes in place
- Provided regular updates and presented a written report to the Buyer on the conclusions and findings of our work.
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.
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Acquired
