Member News
An established car repair and servicing garage that has been operating for more than 45 years has been sold to new owners.
Autoservice in Beamish Street, Stanley, which was run by Fred and Mary Elder who are now retiring, has been sold for an undisclosed sum to two of their employees - father and son Michael and Paul Wears who have worked for the business for a combined 38 years.
In acquiring the garage, which serves both retail and business customers, the duo have saved five jobs and said they are committed to preserving the high standard of service that the garage has become known for.
Michael said: “I am delighted to become the new owner of Autoservice, and I am fully dedicated to maintaining and exceeding the exceptional service and reputation that this garage has earned over the years.
“We are set to invest in new machinery and technologies, so that our customers can enjoy an even more enhanced level of quality and professionalism.”
The sale was administered on behalf of the vendor through Gordon Brown at Clarke Mairs Law Firm and business valuation and sale preparation by Stephen Willis at Robson Laidler Accountants, which has announced its successful sale.
Speaking of the sale Fred Elder said: “Selling the business was a significant decision for Mary and myself, but one that is right for us and our family as we embark on enjoying our retirement. I am delighted with the successful outcome.
“Robson Laidler’s professionalism and dedication to our vision has made this process as seamless as it could have been. They have helped us with tax advice and how best to structure the sale.
“We were keen to protect the jobs of our employees and I have watched Michael and Paul work over many years and know that they are the best choice to take the business forward. I have no doubt that they will carry on the legacy of quality service that we have built over many years.”
Robson Laidler senior client manager Stephen Willis said: “Fred and Mary have been valued clients of Robson Laidler for many years. It has been a pleasure to witness their business growth and to see them achieve a successful sale for their desired sum. This accomplishment exemplifies our abilities at Robson Laidler to provide comprehensive accountancy, tax, business, and wealth advice at every stage of our clients' journeys."
Gordon Brown consultant at Clarke Mairs commented: “It was a pleasure working with all parties in this transaction, which had great sentimental meaning for me. Working in tandem with Stephen Willis, who I have known since before he started school, for Fred and Mary who I first advised decades ago as a young lawyer in my own Firm, and through the great commercial team at Clarke Mairs who drove the legal side of the transaction with such efficiency. It really represented the changing of the guard for all involved.”
