10th Jan 2008 07:30
Inchcape PLC10 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 certainnon-core UK assets, it has sold all of its five UK Vauxhall retail outlets toEden (GM) Limited for a total consideration of £14.3m. This transaction follows the disposals of Inchcape Automotive, Wilcomatic, andthe UK based Bentley, Ferrari and Maserati retail outlets, after the review ofthe UK business following the acquisition of EMH. This disposal is in line withthe Group's strategy to focus on the premium segment of the market withfranchise 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 UKbusiness. We will re-allocate the proceeds into our fast growing emergingmarkets 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, withscale operations in Australia, Belgium, Greece, Hong Kong, Singapore and the UK.The Group also has operations in a number of other markets, including EasternEurope, the Baltic's, Russia and South America. In addition to growing its corebusinesses, Inchcape is looking to develop scale operations in new and emergingregions. It represents leading automotive brands and operates either a retail,or a vertically integrated retail model (i.e. exclusive distribution andretail), depending on the market. Inchcape's current key manufacturer partnersare 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 ExchangeRelated Shares:
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