Inchcape sells four sites to Group 1
21 July 2019
Inchcape is continuing its “right sizing” plan for its network with the sale of four Volkswagen operations in Essex to US-owned Group 1 Automotive for an undisclosed sum.
Auto Retail Agenda revealed Inchcape’s plan for a near 20% reduction in the number of franchises it held earlier this month. Inchcape also confirmed it has sold two of its Audi franchises (Maidstone and East Kent) to Motorline and one (Crawley) to Harwoods, as previously reported.
The four VW sites are in Chelmsford, Colchester, Romford and Southend and will be operated by Group 1 under the Beadles brand. Beadles was bought by Group 1 in 2017.
Auto Retail Agenda understands Inchcape is also looking to dispose of three BMW and three Mini franchises, plus at least two other operations.
The sales take Inchcape from 103 to 96 franchise points while Group 1 moves from 61 to 65 franchise points, according to Auto Retail Network’s Who’s Where in Auto Retail report.
Group 1’s UK chief executive Darren Guiver told Auto Retail Agenda that details of the deal would be announced via the US stock market.