Inchcape PLC
10 January 2008
10 January 2008
Inchcape plc
Further progress in UK disposal programme
Inchcape plc ('Inchcape' or 'the Group'), the world's leading car retailer,
announces that, in accordance with its stated strategy to dispose of certain
non-core UK assets, it has sold all of its five UK Vauxhall retail outlets to
Eden (GM) Limited for a total consideration of £14.3m.
This transaction follows the disposals of Inchcape Automotive, Wilcomatic, and
the UK based Bentley, Ferrari and Maserati retail outlets, after the review of
the UK business following the acquisition of EMH. This disposal is in line with
the Group's strategy to focus on the premium segment of the market with
franchise partners with which Inchcape can achieve a scale position.
Andre Lacroix, Inchcape plc Group CEO, said:
'This disposal is in line with the Group's strategy of streamlining the UK
business. We will re-allocate the proceeds into our fast growing emerging
markets businesses.'
Ends
Group Communications, Inchcape plc
+44 (0) 20 7546 0022
Investor Relations, Inchcape plc
+44 (0) 20 7546 8432
Financial Dynamics (Jonathon Brill/Billy Clegg)
+44 (0) 20 7831 3113
Notes to editors
Inchcape plc is the leading independent, international automotive retailer, with
scale operations in Australia, Belgium, Greece, Hong Kong, Singapore and the UK.
The Group also has operations in a number of other markets, including Eastern
Europe, the Baltic's, Russia and South America. In addition to growing its core
businesses, Inchcape is looking to develop scale operations in new and emerging
regions. It represents leading automotive brands and operates either a retail,
or a vertically integrated retail model (i.e. exclusive distribution and
retail), depending on the market. Inchcape's current key manufacturer partners
are Toyota/Lexus, Subaru, BMW, Mazda, Mercedes-Benz, Volkswagen, Audi and Honda.
For further information, visit us at www.inchcape.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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