A cosmetic vehicle repairer is poised to expand throughout the UK and double its turnover following a significant multi-million pound deal.
Businessman Phil Newstead has joined founder Dan Besau as the co-owner of Leeds-based DHMB.
The company works with some of the county’s major car dealerships and trades under the names Dentrepairs.co.uk, SMARTrepairs.co.uk and Wheelrepairs.co.uk.
Mr Newstead: “This is a very important deal and will enable the company to expand rapidly. Both Dan and I have rock solid experience of the SMART repair industry and we have a joint vision to develop the business throughout the UK.
“The next obvious market for expansion for us is the Greater Manchester area and this plan will be executed next year. We have an initial aim to double our tech base to 100 technicians over the next two years and double our turnover to £8m. The longer-term plan is to continue the geographical expansion through the Midlands with an aim of eventually providing nationwide coverage.”
He added: “At the moment, the SMART repair supply base is very fragmented and dominated by small independent operators. We believe that by strategic expansion and acquisition, we can build a national network that can then service customers with a national requirement. Whilst all growth to date has been organic, we are also keen to look at acquisitions and we will target similar successful independent SMART repairers.”
The company had been a franchise of Dent Wizard Ventures (DWV) for 12 years. During that time Mr Newstead was the managing director of DWV and worked closely with Mr Besau to develop the business by introducing SMART repairs services and wheel repair services. This resulted in the rapid expansion of DHMB, which has around 50 staff.
Mr Newstead completed a management buy out for DWV in 2011 from Manheim. He then developed the business from a very small base to a turnover of £6m, before selling the company for £16m to Amtrust two years ago.