17th Sep 2008 07:00
INCHCAPE PLC
SALE OF NON-CORE UK ASSETS
Inchcape plc ("Inchcape" or the "Group"), the world's leading car retailer, is pleased to announce that it has completed the sale of five of its six Volvo franchised retail businesses in the UK to Mill Garages North East Limited for a total cash consideration of £3 million, payable upon completion in cash. Inchcape has retained ownership of the relevant properties which will be subject to a market rent.
André Lacroix, Group Chief Executive of Inchcape, commented:
"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
About Inchcape
Inchcape is the world's leading car retailer with a geographically diverse portfolio, operating in 25 countries with a unique and proven business model which delivers around 80% of its Group profits from international markets. The company has been listed on the London Stock Exchange since 1958 and operates both Distribution and Retail businesses, with multiple revenue streams (including sales of new and used vehicles, parts, service, finance and insurance), for the world's most successful car brands.
The Group operates a twin-track growth strategy of Strengthening the core business through customer-centric operational excellence while Expanding within existing and emerging markets. Growth in the emerging markets has been in excess of 50% year-on-year.
Inchcape's Core Purpose is to create the ultimate customer experience for its brand partners. Exceptional people are at the heart of the business, bringing this genuine Customer 1st approach alive through the Inchcape Advantage, a unique programme designed to make customers feel special everyday, every time, everywhere. The Group is headquartered in London and employs over 17,000 people worldwide. Its core markets are the UK, Singapore, Australia, Hong Kong, Greece, Belgium, Russia and China.
For more information visit www.inchcape.com
Related Shares:
Inchcape