Completion of disposal of UK Retail Business

Inchcape PLC

01 August 2024

 

                                                                                                                                                    1 August 2024

Inchcape plc

("Inchcape" or "the Group")

Completion of disposal of UK Retail Business

Further to its announcement on 15 April 2024, Inchcape plc ("Inchcape" or "the Group"), the leading global automotive distributor, confirms that it has successfully completed the disposal of its UK Retail operations to Group 1 Automotive UK Limited ("Disposal"). Completion of the Disposal follows approval from the Financial Conduct Authority obtained on 29 July 2024.

The completion of the Disposal will complete Inchcape's transformation into a pureplay Distribution operator, with a diversified and scaled global business. Distribution is higher-margin, more capital‐light, higher return, more cash-generative, compared to retail-only businesses.

Duncan Tait, Group Chief Executive, commented: "We are pleased to have completed the divestment of our UK retail business, which represents a major strategic inflection point for Inchcape, as we deliver on our ambition of becoming the leading distribution partner to our OEM partners around the world. I would like to express my sincere gratitude to our former UK colleagues for their service and commitment over the years and I know the business will play an important part in further developing Group 1's position in the UK automotive retail market."

Enquiries:

Inchcape plc (Investor queries):
Rob Gurner	[phone]	[e-mail]
Krishma Arora
DGA
James Melville-Ross	[phone]	[e-mail]
James Styles Leah Dudley

About Inchcape

Inchcape is the leading global automotive distributor, with operations across six continents. Inchcape works with our mobility company partners in smaller, more complex and harder-to-reach markets, which tend to be higher growth with low motorisation rates. By combining our in-market expertise with our unique technology and advanced data analytics, we create innovative customer experiences that deliver outstanding performance for our partners - building stronger automotive brands and creating sustainable growth.

Our distribution platform connects the products of mobility company partners with customers, and our responsibilities span product planning and pricing, import and logistics, brand and marketing to operating digital sales, managing physical sales and aftermarket service channels. Delivering for our partners, our customers and our people - so they can realise their ambitions in the new world of mobility. The Group is headquartered in London and employs over 18,000 people globally.

Publication on website

A copy of this announcement will be available for inspection on the Company's website at: www.inchcape.com. For the avoidance of doubt, the contents of this website are not incorporated into and do not form part of this announcement.

 

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