21 Jan 2020 07:00
21 January 2020
Cambria Automobiles plc
("Cambria" or the "Group")
AIM: CAMB
Acquisition of Aston Martin and Rolls-Royce Motor Cars dealerships
Cambria, the franchised motor retailer, is pleased to announce the acquisition of one Aston Martin franchise and one Rolls-Royce Motor Cars franchise in Edinburgh from the administrator of Leven Cars Group Limited. The total cash consideration, which includes one freehold and one leasehold property along with certain fixed assets, is £1.6m and this will be funded from the Group's existing resources. Despite the business failure leading to the Administration, the Board expects the acquisition to be earnings neutral in the first full year of ownership, the year ending 31 August 2020.
This acquisition increases the Group's Aston Martin presence to four dealerships and brings Rolls-Royce Motor Cars into the portfolio for the first time. These dealerships represent a significant opportunity for the Group's High Luxury Segment as they are the only outlets in Scotland for Aston Martin and Rolls-Royce Motor Cars.
Mark Lavery, Chief Executive of Cambria Automobiles plc, commented:
"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. 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."
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Enquiries:
Cambria Automobiles Mark Lavery, Chief Executive James Mullins, Finance Director www.cambriaautomobilesplc.com
| Tel: 01707 280 851 |
N+1 Singer - NOMAD & Joint Broker Mark Taylor / Justin McKeegan
| Tel: 020 7496 3000 |
Zeus Capital - Joint Broker Dominic King
| Tel: 020 7533 7727 |
FTI Consulting Alex Beagley / James Styles / Sam Macpherson
| Tel: 020 3727 1000 |
About Cambria - www.cambriaautomobilesplc.com
Cambria Automobiles ("Cambria") was established in 2006 and has built a balanced portfolio of high luxury, premium and volume car dealerships, comprising over 40 franchises representing major brands across the UK. The Group's businesses are autonomous and trade under local brand names, including County Motor Works, Dees, Doves, Grange, Invicta, Motorparks and Pure Triumph.
The Group's strategy is to complement its existing franchise and brand portfolio by acquiring earnings enhancing operations, using its strong balance sheet and disciplined approach to capital allocation.
Cambria's medium term ambition is to create a £1 billion turnover business producing attractive returns on capital.