Glyn Hopkin Group sold to its workforce of over 800 people

AM100 franchised dealer Glyn Hopkin Group has been sold to an Employee Ownership Trust (EOT).

Having opened its first car dealership back in 1993, the £550 million-turnover group has grown from a single Nissan operation in Romford to one that now represents more than 10 manufacturers across a network of over 35 dealerships across London, Essex, Hertfordshire, Buckinghamshire, and Suffolk.

These include 13 Nissan and 10 MG showrooms, along with Kia, Renault, Dacia, Alpine, and Suzuki branches.

An EOT allows company owners to sell part or all of their business, free of capital gains tax, to their employees, without requiring any changes to the management structure, as the buyer is typically a trustee acting in the interest of all staff.

This business structure allows employees to collectively have a controlling interest in the business although they do not take direct ownership of any shares as they are beneficiaries of the trust. Once a company is owned by an EOT, it can pay annual bonuses to its employees free of income tax.