A management buyout at Beechdale Motor Group in Derby has seen founder Les Waterfall retire.

John Oldfield, already a director, has taken a majority stake in the company, joined by Gary Siddall, who has taken part ownership.

The company sells around 700 cars a year and is a main dealer for Alfa Romeo, Hyundai, Isuzu and SsangYong.

Les Waterfall had founded the company with partner Mike Wood in 1982.

The deal was completed by a team led by tax partner Stuart Peck and business services director David Nelson from Midlands accountants and business advisors Smith Cooper. Ran Oren, partner and head of corporate at Derby law firm Flint Bishop, advised Beechdale and its new owners.

Oldfield said: “We are delighted to have completed the buy out from Les and would like to wish him all the best for his retirement.

“Over the years Beechdale Motors have established a reputation as one of the leading family owner dealerships in the Midlands and we look forward to developing the business still further in the coming years.”

Ran Oren at Flint Bishop said: "The deal has enabled a smooth transition of the business to the new owners, who have a vast amount of experience in the retail motor industry and exciting plans for the future.

“Succession planning remains important in this climate and continues to deliver value for sellers and opportunities for their successors."