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(Sharecast News) - Inchcape said on Wednesday that it will exit the Chinese retail market after agreeing to sell its three dealerships there to China Yongda Automobiles Services Holdings Limited for £54m.
The automotive distributor said the move will allow it to refocus its resources in the region on its more profitable core distribution capabilities, with China having been its sole exposure to retail-only operations in Asia.
The company is selling a Lexus dealership in Shaoxing, a Porsche site in Nanchang and a Mercedes-Benz showroom in Jiujiang.
It expects the transaction to be completed by the first quarter of next year, with minimal impact on the current year's trading profit.
Inchcape also said that prospects for its distribution business across Asia remained highly attractive and added the region will continue to be a key contributor to the group.
Chief executive Stefan Bomhard said: "The global opportunities for Inchcape are exciting; whilst we exit three retail sites in China today, through our acquisitions to date we have become a top 5 Distributor of Chinese original equipment manufacturers across the markets we operate in Latin America. We remain focused on ensuring we are driving value for shareholders today and for the future."
18 Apr 2024 14:17
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