FLAG acquires Protuck Auctions Limited for undisclosed sum
On completing the transaction, Martin Betts, Co-chairman of FLAG said: ‘The acquisition of Protruck represents a good opportunity to grow our commercial vehicle and plant offering. Charlie Wright and his team have built a highly respected business within the remarketing industry and the acquisition will take our commercial vehicle and plant offering into a much wider market. We are determined to build on our success by offering a greater breadth and depth of service, this represents a first major step and there is more to come,’ he added.
FLAG employs over 50 staff at its 70,000sqft headquarters in Coalville and re-markets cars, vans, heavy commercial vehicles plus plant and equipment, with an annual turnover in excess of £140m; selling for major blue chip companies and vehicle manufacturers, including Motability Operations, Honda UK, Ryder, Europe Car, DAF Trucks NV, Volkswagen Audi Group, Northgate Vehicle Sales, Paccar Financial services and RCI Financial services.
Starting in 2006, Protruck Auctions quickly established itself as a key player in the re-marketing of trucks, trailers, vans and heavy plant for customers in the UK and Europe. From its base in Belton near Doncaster, Protruck has a turnover of £60m and provides physical onsite auctions with an online bidding facility, and standalone electronic auctions. Charlie Wright, managing director of Protruck, will continue to lead the business and has joined the board of FLAG, taking an equity stake in the enlarged group.
Charlie Wright commented: ‘Joining forces with FLAG provides the infrastructure, management resource and commercial firepower to take Protruck to the next stage of development, delivering more auctions and even greater choice to our customers,’ he added.
Flag started its business life with a greenfield site in Coalville Leicestershire 12 years ago, developing a state of the art, purpose built re-marketing facility, incorporating auction halls, restaurant, conference and training facilities. From the very first sale on St George’s Day 2002, FLAG has built a strategy around corporate social responsibility, quality and customer service, alongside a unique trade-only policy. This success has been reflected in the winning of numerous awards from within the remarketing industry and beyond, including winning twice at the Leicestershire Business Awards.