Sir Colin Giltrap has reportedly stepped down from his role as chairman of Giltrap Group Holdings, with his two sons Michael and Richard now becoming equal shareholders in the business.
The National Business Review published the news earlier this week in a social media post which states Giltrap “sold down” his majority share in the Group to a third.
That means Colin now goes from holding 66 per cent to 33, while Michael and Richard’s share are each bumped up to become equal with their father’s.
Giltrap started his first dealership in Hamilton in 1966, soon expanding to Matamata and later Auckland in the early 1970s.
By the ’80s and ’90s, the Giltrap Group had grown to include brands like BMW, Audi, Porsche, Rolls Royce, Bentley, Jaguar, and Mercedes.
The Group has now grown to a $450 million plus empire that sells some of the most prestigious vehicles in the world such as Aston Martin, Lamborghini, and more.
According to an update on LinkedIn, Chris Quin will take over Giltrap’s position as the chairman.
Colin Giltrap will remain as a director alongside his sons and two other team members, including Quin.