Motor forecourt

Case Study: Management Buyout of family motor repair and retail business


Castle Douglas-based Robertson Gemini Limited, founded by William Robertson in 1921, is a family-owned motor dealer and repair business specialising in providing a high-quality personal service across Dumfries and Galloway, with its growing team of specialist technicians and front-of-house staff. Following its 100th anniversary in 2021, current owner Caroline Robertson, the third generation of the Robertson family to own the business, came to the decision that it was time to let go and contacted Armstrong Watson for support in exploring, broking, managing and advising on the sale process.

How we helped

Corporate Finance Partner Richard Gibson supported the shareholders by arranging and securing an acquisition of the business by the senior employees, securing its future and protecting the reputation and values of the Company. 

After discussing possible sale options for the business, and exploring the wider market, including speaking with alternative buyers, a Management Buyout (MBO) was selected as the most appropriate structure for a sale of the business.

Richard and the Corporate Finance Team:

  • Prepared a valuation and feasibility options paper for the shareholders
  • Negotiated and prepared Heads of Terms
  • Assisted with the buyer’s queries and the commercial aspects of the Share Purchase Agreement
  • Project-managed the deal to completion


A deal was completed for the shareholders to sell the business, providing value whilst ensuring the firm’s future success. The MBO ensured the company’s team and clients continued to be looked after in the way that they had become used to and maintained the brand and reputation of Robertson Gemini.

Robertson Gemini Director David Butler said:

“It was of vital importance to us that any buyer of the business was able to commit to providing the same level and standard of service that we felt our customers had come to expect from us and that made a sale to the existing employees the right solution for us. Armstrong Watson understood this and handled the discussions with the employees with sensitivity and professionalism. Their deep understanding of the management buyout process meant there were no surprises that might have derailed the changeover, and both parties could approach the sale with confidence in the underlying structure of the transaction.”

Armstrong Watson Corporate Finance Partner Richard Gibson said:

“The sale of a long-established family business is never an easy process, and at times can be stressful and emotional for those involved. However, the shareholders were very clear on their objectives for the sale, and with our assistance, made sure that the deal stayed on track. We would like to wish the new owners every success in the future and hope the shareholders enjoy a long and happy retirement!”