LONDON (Alliance News) - Car dealer Cambria Automobiles PLC on Wednesday said it has acquired the Jaguar and Land Rover franchise in South Woodford in North London and said trading is in line with market expectations.
Cambria said it will pay GBP2.1 million to acquire the South Woodford franchise from Pendragon PLC, a fellow London-listed car retailer. The business has sales facility in South Woodford and an aftersales site in Hainault in Essex.
Cambria added trading has continued to be strong and it is in line to meet market expectations for the year to the end of August.
"We are pleased to have acquired this Jaguar and Land Rover franchise in North London, which complements and enhances the group's existing Jaguar Land Rover businesses. The acquisition represents continued delivery of the strategy to develop our portfolio of premium and high luxury franchises in strategic locations by acquiring businesses that are earnings enhancing," said Chief Executive Mark Lavery.
Shares in Cambria were up 4.6% early Wednesday to 66.95 pence, while Pendragon was down 2.1% at 27.45p.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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