LONDON (Alliance News) - Car dealer Cambria Automobiles PLC on Thursday said it has completed the acquisition of a new franchise in Hertfordshire for GBP10.8 million and has sold off a franchise in Exeter for GBP1.3 million.
Cambria has acquired the trade and assets of Jardine Motors Group's Land Rover franchise in Welwyn Garden city in Hertfordshire. The franchise is around two miles from Cambria's Jaguar and and Aston Martin franchises in the area and means it now operates three Land Rover dealerships under the Grange brand name.
Separately, Cambria said it has signed a heads of terms to sell its Grange Jaguar franchise in Exeter to Helston Garages Ltd for GBP1.3 million. In addition, the company will close down its Aston Martin franchise in Exeter.
"We are pleased to have acquired this Land Rover franchise in Welwyn Garden City, which complements the group's Jaguar and Aston Martin site nearby. The acquisition represents further delivery of our strategy to develop our portfolio of premium and high luxury franchises, while acquiring immediately earnings enhancing businesses," said Mark Lavery, Cambria's chief executive.
"The disposal of our Jaguar franchise in Exeter is in line with the group's reorganisation to ensure compliance with Jaguar Land Rover's network strategy," he added.
Cambria shares were up 6.4% to 87.00 pence early Monday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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