CITY Motor Holdings has completed a management buy-out from its former owner Anthony Wickins.

Operations director Steve Hemlock and financial controller Marke Poole led the buy-out with investment from RCapital, a London-based specialist investor, for an undisclosed sum.

City Motor Holdings employs 300 staff across three Ford retail dealerships operating under the Gowrings banner in Basingstoke, Newbury and Reading, as well as Peugeot, Citroen, Honda, SEAT and Skoda Dealerships operating under the City name on the five-acre Houndmills Autoplaza Motorpark in Basingstoke.

The combined operation sells in excess of 6,000 vehicles and generates over £90million in turnover each year.

Mr Hemlock said: “Our success is built on the very highest levels of customer service and our promise never to be beaten on price or service underpins our whole business.

“Our business culture is of a local, family-run business, and many of our customers and staff have been with us for many years.

“The opportunity for growth in the motor market is ramping up and we are looking forward to developing our businesses further in 2013.

“In many ways, it is business as usual. We want to protect the future of our employees and gain full control of a business that we believe has enormous potential for growth. There are very exciting times ahead.”

City Motor Holdings has a history going back 90 years and is one of The Times Top 100 Automotive Groups.