MHA supports AM100 dealership group’s acquisition set to create one of UK’s top 10 automotive retailers
June 6th 2025
Athenaeum International Holdings, owner of AM100 dealership group Brayleys Cars, has announced its agreement to acquire Johnsons Cars, a strategic move that will position the combined entity among the UK’s top ten automotive retail groups.
The transaction, expected to formally complete soon, will see Athenaeum acquire all operational entities, staff, and naming rights associated with Johnsons Cars. The enlarged group will operate 79 franchise sales outlets nationwide, representing 21 leading automotive brands and employing nearly 2,000 people.
The acquisition includes Johnsons Cars’ TPS Centres, Fleet Services, and group support functions, contributing to the group’s projected annual turnover of over £1.41 billion. This positions the combined business to surpass JCT600 in the AM100 rankings, moving into the tenth spot.
The MHA team, led by Steve Freeman, Rob Dando and Nathan Sutcliffe, has acted as buyside advisers for Athenaeum, providing sector specialist commercial, financial and tax due diligence, as well as structuring advice. We also worked closely with the legal and property advisers.
"I have been delighted to lead the commercial due diligence and tax support to the Athenaeum team on this transaction. This is a great business, in terms of its brand and geographical presence and builds on Athenaeum’s growing automotive retail presence and business in the UK."
"It’s been a pleasure working with the team at Athenaeum on their acquisition of Johnsons Cars. Both businesses share the same values and overall vision which will allow them to build on the success they have already achieved and I look forward to seeing them go from strength to strength."
Founded in 1999 following the acquisition of Johnson Brothers, Johnsons Cars currently ranks 19th in the AM100 and is known for its strong representation of the Volkswagen Group – including Volkswagen, SEAT, CUPRA, and Škoda.
The deal also significantly expands Athenaeum’s presence across Mazda, Suzuki, Hyundai, and Honda franchises, making the new group the largest Honda dealer network in Europe by volume.
Brayleys Cars, currently operating 30 franchise locations and ranked 36th in the AM100 with a turnover of £552 million, has rapidly expanded under Athenaeum’s ownership since 2018. This growth included the strategic acquisition of nine West Way Nissan sites in 2022, which MHA advised on.
