(Alliance News) - Cambria Automobiles PLC on Tuesday said it has purchased one Aston Martin franchise and one Rolls-Royce Motor Cars franchise in Edinburgh.
The Swindon-headquartered motor dealer said the acquisitions were made with a total cash consideration of GBP1.6 million, which includes one freehold and one leasehold property along with certain fixed assets. It will be funded from the Cambria's existing resources.
The company said that the units - which were purchased from the administrator of Leven Cars Group Ltd - will be earnings neutral in the first full year of ownership ending August 31.
"The board is delighted to have acquired these two great assets in Edinburgh, marking the group's entry into the important Scottish market. Aston Martin has been part of Cambria's portfolio since the end of 2007 and this acquisition increases the group's representation to four dealerships," said Cambria Chief Executive Mark Lavery.
"This acquisition also adds Rolls-Royce Motor Cars to the Group's High Luxury Segment and we are excited to welcome this prestigious brand to the portfolio," he added.
Cambria shares were up 0.7% at 68.49 on Tuesday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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