Lynton puts handbrake on new car game
THE Lynton family is ending a long-standing presence in the Gold Coast new-car industry but its name will live on.
The Lyntons’ Jaguar and Land-Rover dealerships in Southport have been sold to the Nick Politis group from Sydney but will continue to trade under the name of family head Bruce Lynton.
The sale takes effect from July 2, two years after the Bruce Lynton BMW and Mini dealerships in Southport were sold to the Springwood-based Motorline BMW group.
The Politis group already has a Gold Coast presence – it owns the city’s Southport-based Porsche dealership.
Mr Politis, whose net wealth has been put at close to $800 million, owns 36 per cent of listed motor group A.P. Eagers.
Beric Lynton, dealer principal of the Bruce Lynton group, yesterday said the family was not cutting all of its ties with the motor industry.
He said it would retain a Southport panel shop and he and wife Tina would continue to operate three Bridgestone stores, acquired since 2010.
Mr Lynton, at the time of the BMW and Mini sell-off, said a major reason for that move was a BMW requirement that a new and bigger property be established, along with a new Mini showroom.
He said such a move could have required a $20 million investment. “We decided that the return on investment wouldn’t justify the expense,” Mr Lynton said.
The Lynton group then undertook an $8 million enlargement of its Minnie St Land-Rover base to cater for the group becoming the city’s Jaguar dealer.
The sale of the Land-Rover and Jaguar dealerships is the latest example of major groups targeting the Gold Coast motor industry.
Last year the Sydney-based Peter Warren group teamed with private equity player Quadrant to buy control of the James Frizelle group.
THE end of an era for motoring maestro Bruce Lynton. After 50 years in business he has sold his Jaguar and Land Rover dealership in Southport. “We’ve sold the business and land to a large national company,” said Bruce. “I’m especially pleased because the staff, many of whom have worked with my family for years, will be retained and the name will stay the same. The charity ball, which is on June 2 and has raised more than $2 million, will continue and we will continue our support for other charities. It’s a long time for a family business and while I have loved every minute, it’s a good time for Margaret and I to retire.”