24th Oct 2022 08:08
(Alliance News) - Auto Trader Group PLC on Monday said it has sold its subsidiary Webzone Ltd, which operates under the Carzone brand in the Republic of Ireland.
The Manchester-based vehicle marketplace said Irish print and digital media publisher Mediahuis Ireland bought the business for EUR30 million.
Mediahuis also owns car sale website CarsIreland.ie and car check website Cartell.ie.
Auto Trader noted that Carzone is the second-largest automotive marketplace for Irish retailers and consumers. The Dublin-based operation brought in revenue of GBP4.9 million in the year ended March 31 and operating profit of GBP1.3 million. It made up 4% of Auto Trader's average retailer forecourts and 4% of its full-time staff.
Shares in Auto Trader were up 3.2% to 501.51 pence each in London on Monday morning.
"We remain focused on our strategy in the UK, which is to grow our marketplace and establish the products and technology to enable retailers to do more of the car buying journey online, on Auto Trader," commented Chief Executive Officer Nathan Coe.
By Elizabeth Winter; [email protected]
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