Peter Vardy, chief executive

The business has already restructured to become a significant e-commerce operator, invested in its IT platform SilverBullet, and has plans to invest in future sites nationally, making it an even more significant physical and digital force. In July 2021, its current Vauxhall sites will be converted into used car supermarkets.

Peter Vardy, chief executive, said: “We have been working on this growth strategy for some time, however, the events of this year have meant we have fast-tracked these plans.

“There has been a significantly increased level of demand for used vehicles which along with challenges around the supply of new vehicles, and with Brexit potentially making this even harder, it makes sense to move our plans forward.

“Our CarStores in Glasgow and Dundee have been extremely successful since launch and we will be turning our current Vauxhall sites into used car supermarkets as well as going through a full re-brand which we think will be a really exciting step.”

A joint statement reads: “Vauxhall Motors and Peter Vardy Ltd have been in discussion recently and have now agreed a mutual and managed exit from each other which will take effect in mid-2021.

“Peter Vardy has been a long-standing investor and valued partner of Vauxhall Motors, but the industry is changing and evolving quickly resulting in the fact that the respective future strategies of the two companies lie in different directions.

“Both companies are working closely together to ensure that this decision is handled professionally for both parties to minimise any impact for Vauxhall customers. The positive business relationship that has always existed between Vauxhall Motors and Peter Vardy Ltd will be essential over the next few months to ensure that happens.”

Mr Vardy continued: “Whilst we will no longer represent Vauxhall as a manufacturer in Scotland by the end of June 2021, we have enjoyed a great relationship with it across the years and it has been an integral part of our success and growth since we first launched as a single Vauxhall site in 2006 in Perth.

“We believe, however, that our strategy to focus more on Used Car Supermarkets and luxury car brands is the right path for us to take now. We will, of course, be able to continue to service any Vauxhalls sold by us as our used car supermarkets will all become service centres, which should give peace of mind to all our current and future customers.

“All Peter Vardy colleagues at existing Vauxhall sites in Aberdeen, Dalgety Bay, Edinburgh, Kirkcaldy, Motherwell, and Perth will have their roles secured, while given our ambitious growth plans, we expect significant new roles to be created.”

He added: “The strength of our business is its people, so it was vitally important that we were able to secure roles for all our current colleagues.

“We expect to start a recruitment drive well ahead of July as this move is very much a growth plan with significantly increased sales numbers across the group as a result.”