Bentley acquires shock 28 per cent stake in HR Owen

The stake is thought to be worth around £9m and was acquired from Neville Crichton, the Australian based luxury car importer who had been steadily amassing shares in the group through his Balverona holding company.

HR Owen chief executive Nick Lancaster welcomed the move and said it would remove speculation over the future ownership of the group.

The acquisition looks like a good fit for the dealer group which has been selling off its mainstream franchised businesses in favour of concentrating on core luxury marques Bentley, Bugatti, Lambourghini, Rolls Royce, Ferrari, Maserati and Alfa Romeo.

It also has a BMW and Mini aftersales operation which is being relocated to Acton.

The jewel in the dealer group’s crown is the Jack Barclay site in Mayfair’s Berekely Square, the oldest and biggest Bentley dealership in the world.

Speaking exclusively to Motor Trader Stuart McCullogh, Bentley’s member of the board for sales and marketing, said the shares acquisition was prompted by industry speculation over the future ownership of HR Owen.

“We wanted to remove the speculation and uncertainty as Jack Barclay is the most important Bentley dealership in the world,” said McCullogh.

“We wanted to give the management some stability to enable them to deliver rather than worry about fending off bids.”

McCullogh confirmed that the marque has no intention of moving into car retailing.

“We are a carmaker and don’t have any interest in retailing. This was an extraordinary set of circumstances and are unlikely to be repeated,” he said.

The announcement coincided with the dealer group announcing its year-end results for 2007 which saw profits, before tax and exceptionals, rise from £0.7m to £3.2m on turnover which increased 15 per cent from £159m to £184m.