Norwich automotive set-up buys parts firm
PUBLISHED: 12:30 20 June 2013
A Norwich-based automotive company has swooped for car parts firm Motaquip in Essex in the latest stage of its long-term growth plan.
EU has purchased the assets of the Harlow-based company for an undisclosed fee and confirmed it would retain its six staff.
Richard Shortis, managing director of the company, said it had been searching for a site in Harlow for a long time and would continue to hunt for new acquisitions this year.
EU, based at Arminghall Close, employs 200 people and recorded revenues of about £10m this year.
It is part of the Norfolk-based Shortis Group, which turned a profit on revenues of £38m last year and trades from 75 sites employing more than 600 staff.
Mr Shortis said: “Harlow is ideally situated in terms of our current branch locations in Essex and London. It’s a great opportunity to grow our business.
“We are always on the look-out for new sites in any part of the group. But we have to find the right property, because we have always preferred to buy units rather than renting them.”
He added: “I won’t deny that it is tough out there. But people are keeping their vehicles for longer and cars are getting more complicated, so drivers tend to take them into a garage more often, which is good for us because we support the garage trade.”