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Thursday 13 May 2010

Dains has recently acted as lead adviser to former Chief Executive of Bristol Street Motors, John Tustain, owner of Tustain Motors Limited, who has purchased two North-East based Vauxhall dealerships in his latest venture within the motor retail sector.

Mr Tustain owned 27% of Bristol Street Motors, a £500 million turnover business, before it was sold to Vertu Motors plc in 2007 for £40 million. Now Chairman of Tustain Motors Limited, he is joined in the venture by Managing Director, Brian Baxter and Financial Director, David Storey, both formerly of Vertu.

Simon Bursell, Corporate Finance Partner at Dains comments: “We were delighted to assist John with these acquisitions and that he is back in the business with solid plans to once again create a market leading brand.

“John and the team have an outstanding track record of building sales at motor dealerships. The decision to buy back into the car retail sector and their plan to acquire potentially an additional 10-15 franchised dealerships is a real demonstration of their confidence in the sector.”

John Tustain comments: “It has been a pleasure to work with Simon and the team at Dains who approached the transaction with enthusiasm and professionalism. These acquisitions mark the start of a wider strategy to acquire and improve motor retail sites across the Midlands and North. ”

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