Online car retail startup Cazoo has acquired SMH Fleet Solutions (SMH), one of the UK’s largest vehicle preparation, logistics and storage businesses for approximately £70m cash.
Established in 2003, SMH has a team of over 500 expert staff currently processing more than 70,000 vehicle refurbishments annually from six vehicle preparation sites across 136 acres in Bedford, Gloucester, Throckmorton, Worcester and St Helens. SMH also carries out over 150,000 vehicle movements per year with a team of over 300 logistics specialists as well as operating an online wholesale platform for used cars.
The deal will double Cazoo’s overall vehicle reconditioning, logistics and storage capabilities in the UK with 11 total sites across more than 265 acres, as well as providing it with a ready-made team of experienced reconditioners.
Alex Chesterman OBE, Founder & CEO of Cazoo said:“Given strong consumer demand, the only real constraint to our future growth is ensuring that we have adequate capability to recondition, store and deliver enough cars to keep up. By acquiring SMH, this helps solve that and de-risks our future growth by immediately doubling our number of vehicle preparation sites and significantly enhancing our team of vehicle preparation and logistics staff. I look forward to welcoming the SMH team to Cazoo.
Don’t miss the next printed CAT Magazine. Subscribe for free here