Inchcape announces sale of retail operations

Inchcape has announced it is selling its retail operations to US-based Group 1 Automotive for £346m as it continues its shift to a distribution-focused organisation.

The deal, which is expected to be concluded by the third quarter of the year, includes more than 80 forecourts.

George Ashford, chief executive, said: “This sale represents a good outcome for all stakeholders and is an important step in realising our ambition of being the leading distributor for our partners and customers worldwide.

“Group 1’s acquisition demonstrates our business’s impressive scale, strategic footprint, and strong relationships with OEM brands. Group 1 clearly shares our vision for excellence and growth and has demonstrated its commitment to the long-term success of our business and will be a great home for our colleagues.”

Daryl Kenningham, president and chief executive officer of Group 1 Automotive, said: “With our considerable automotive retail experience in the United States and the UK, we look forward to building on Inchcape’s strong industry relationships and leveraging our expertise to support our combined operations in their next phase of growth.”