A Yorkshire cosmetic vehicle repair business is targeting expansion following a multimillion-pound deal. Phil Newstead has become the co-owner of Leeds-based DHMB, joining founder Dan Besau at the helm.
DHMB trades as Dentrepairs.co.uk, SMARTrepairs.co.uk and Wheelrepairs.co.uk, with major car dealerships among its clients.
Newstead said: “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.
“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.”
Dan Besau added: “This is a tremendous deal for the company. I have known Phil for years and his experience of this sector is second to none. His vision and commitment will be invaluable and will enable us to go to another level entirely.
“We already have a formidable client list, including many of the quality Yorkshire dealerships such as Bentley Leeds; BMW Leeds, Harrogate, York and Bradford; Mercedes Leeds, Bradford, Huddersfield and York; Ferrari Leeds; Aston Martin Leeds; and Audi York and Harrogate.”
The company had been a franchise of Dent Wizard Ventures (DWV) for 12 years. During that time Newstead was the managing director of DWV and worked with Besau to develop the business by introducing SMART repairs services and wheel repair services.
This led to the rapid expansion of DHMB, which now generates revenues of more than £4m per year and has about 50 staff.
Newstead completed a management buyout of DWV in 2011 from Manheim. He then developed the business to a turnover of £6m before selling it for £16m to Amtrust two years ago.
By Stephen Farrell
Source: Insider Media