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Cambria Automobiles (CAMB)

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Tuesday 21 January, 2020

Cambria Automobiles

Acquisition in High Luxury Segment

RNS Number : 3830A
Cambria Automobiles Plc
21 January 2020
 

 

21 January 2020

 

Cambria Automobiles plc

("Cambria" or the "Group")

AIM: CAMB

 

Acquisition of Aston Martin and Rolls-Royce Motor Cars dealerships

 

Cambria, the franchised motor retailer, is pleased to announce the acquisition of one Aston Martin franchise and one Rolls-Royce Motor Cars franchise in Edinburgh from the administrator of Leven Cars Group Limited. The total cash consideration, which includes one freehold and one leasehold property along with certain fixed assets, is £1.6m and this will be funded from the Group's existing resources. Despite the business failure leading to the Administration, the Board expects the acquisition to be earnings neutral in the first full year of ownership, the year ending 31 August 2020.

 

This acquisition increases the Group's Aston Martin presence to four dealerships and brings Rolls-Royce Motor Cars into the portfolio for the first time. These dealerships represent a significant opportunity for the Group's High Luxury Segment as they are the only outlets in Scotland for Aston Martin and Rolls-Royce Motor Cars.

 

Mark Lavery, Chief Executive of Cambria Automobiles plc, commented:

 

"The Board is delighted to have acquired these two great assets in Edinburgh, marking the Group's entry into the important Scottish market. Aston Martin has been part of Cambria's portfolio since the end of 2007 and this acquisition increases the Group's representation to four dealerships. This acquisition also adds Rolls-Royce Motor Cars to the Group's High Luxury Segment and we are excited to welcome this prestigious brand to the portfolio."

 

 

-Ends-

 

Enquiries:

 

Cambria Automobiles

Mark Lavery, Chief Executive

James Mullins, Finance Director

www.cambriaautomobilesplc.com

 

Tel:  01707 280 851

N+1 Singer - NOMAD & Joint Broker

Mark Taylor / Justin McKeegan

 

Tel:  020 7496 3000

Zeus Capital - Joint Broker

Dominic King

 

Tel:  020 7533 7727

FTI Consulting

Alex Beagley / James Styles / Sam Macpherson

 

Tel:  020 3727 1000

 

About Cambria - www.cambriaautomobilesplc.com

Cambria Automobiles ("Cambria") was established in 2006 and has built a balanced portfolio of high luxury, premium and volume car dealerships, comprising over 40 franchises representing major brands across the UK. The Group's businesses are autonomous and trade under local brand names, including County Motor Works, Dees, Doves, Grange, Invicta, Motorparks and Pure Triumph.

 

The Group's strategy is to complement its existing franchise and brand portfolio by acquiring earnings enhancing operations, using its strong balance sheet and disciplined approach to capital allocation.

 

Cambria's medium term ambition is to create a £1 billion turnover business producing attractive returns on capital.

 


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