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  5. Inchcape sells three Australian sites for ?63m

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Share Price Information for Inchcape (INCH)

London Stock Exchange
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Share Price: 743.00
Bid: 743.00
Ask: 746.00
Change: -13.00 (-1.72%)
Spread: 3.00 (0.404%)
Open: 750.50
High: 753.50
Low: 733.00
Prev. Close: 756.00
INCH Live PriceLast checked at -

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Inchcape sells three Australian sites for ?63m

Wed, 11th Sep 2019 07:04

(Sharecast News) - Auto distributor Inchcape said it was selling three retail sites in Australia to Sime Darby Motors for £63m.
The disposal followed the sale of three sites in May and July , with the deal expected to complete in the fourth quarter, Inchcape said on Wednesday, adding that it was reorganising its Australasian buisness around its distribution unit.

The three sites represent a mix of brands - VW, BMW, Mini and JLR - and have generated £79m of revenue year to date, the company added.

The six retail site sales in Australia will generate a cash inflow of £76m and are expected to give rise to a small gain on disposal. The reorganisation was expect to incur exceptional costs of around .£5m - £8m over the second half of 2019.

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