UK motor dealer Cambria Automobiles said Friday it acquired the County Motor Works franchise for 4.1m pounds.
The company said the transaction would strengthen its position in major auto brands served by the dealer including Vauxhall, Alfa Romeo and Chrysler Jeep.
It follows the integration and refurbishment of Doves Vauxhall Southampton, Cambria's first Vauxhall site, purchased in 2012.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
County Motor Works has historically made losses. However, Cambia expects the acquisition to be earnings neutral at the group level in its first full year of trading.
"We are delighted to have acquired County Motor Works and continue to work alongside Vauxhall, Alfa Romeo and Chrysler-Jeep to identify opportunities to extend our partnership in line with our buy and build strategy," Chief Executive of Cambria, Mark Lavery, said.
"We have now completed nine acquisitions since we formed the group in 2006 and represent 16 brands across 42 franchised outlets representing a balanced portfolio with a strong mix of prestige / high luxury and volume businesses."
Shares climbed 4.65% to 19.75p at 14:44 Friday.
RD
-
73% of savers plan to rely on partner’s pension in retirementA new survey suggests the majority of people may lack financial independence in retirement, with almost three-quarters set to rely on their partner’s pension
-
How much you need to follow the 25x retirement rule – will you have enough to be financially independent?We explain what the 25x retirement rule is and the amount you would need to be financially independent in retirement.
