Inchcape, which employs another 3,600 people at 80 sites, said it would sell its UK car dealership for £346 million to U. S. rival Group 1 Automotive.
London-listed Inchcape announced in January that it was looking at a conceivable sale after receiving several inquiries from “interested parties. “
On Monday, Inchcape boss Duncan Tait said the company’s overseas expansion meant “the strategic importance of retail operations in the UK has been limited”.
He added: “The Board concluded that this was the right time for a new owner to take this business forward. “
The sale is expected to close during the third quarter of the year and shareholders could be left with around £100 million of the buyback percentage.
Tait added, “This transaction aligns with our strategic priorities, simplifies and represents a compelling opportunity to deliver meaningful returns to our shareholders.
“This will embellish the group’s overall pricing proposition and allow us to drive long-term expansion and pricing for all stakeholders as we further expand our differentiated distribution platform. “
Daryl Kenningham, President and Chief Executive Officer of Group 1 Automotive, said: “We are very pleased to have reached an agreement to acquire Inchcape’s UK retail business, which we have long admired given the company’s reputation for exceptional visitor service and attractive OEM portfolio. apparatus manufacturer), partner logo and control equipment.
“With our wealth of experience in U. S. auto retail, we are able to find a solution to the problem. “”As we look forward to building on Inchcape’s strong industry relationships and leveraging our expertise for our combined operations in their next phase of growth. “
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@2023 – All rights reserved.
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