CANBERA (dpa-AFX) - Inchcape Plc (INCH.L), a multi-brand automotive distributor and retailer, announced Wednesday that it has agreed to sell three Retail sites in Australia to Sime Darby Motors for 63 million pounds in cash.
The three sites that have been sold represent a mix of brands, such as VW, BMW, MINI and JLR, and have historically operated under the Trivett banner. The sites have generated 79 million pounds of revenue year to date.
The transaction is expected to complete in the fourth quarter and is conditional upon final OEM partner approvals and regulatory approval.
The company in May and July 2019 had sold another three sites to other parties.
The company said the disposals are consistent with its focus on core Distribution capabilities, which has been enabled by the Ignite strategy, and on the disciplined utilisation of capital.
With the disposals, the company expects to streamline its Australasia business around the Distribution activities of Subaru and Peugeot Citroen.
Stefan Bomhard, Group CEO of Inchcape plc, said, 'This transaction is another demonstration of strategic progress under Ignite and the focus on our core Distribution activities which generate 90% of our Group trading profit... In line with the Ignite strategy and our commitment to be the OEM partner of choice, Inchcape has completed 10 Distribution deals since 2016.'
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