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Cambria Automobiles has bought a Land Rover and Jaguar dealership in Barnet North London from Lookers for £10.5m.
It is the group’s first Land Rover dealership. The deal includes £3.75m for the freehold property and £5m of goodwill.
In the year to December 2013, the combined business had a turnover of £46m with estimated adjusted pre tax profits of £700,000.
Cambria said the business will be “significantly earnings enhancing” in the next financial year.
Cambria has been expanding. It recently added a second Jeep franchise, which will sit alongside its Fiat business in Oldham.
Mark Lavery (pictured), chief executive of Cambria, said: “Following our success in turning around underperforming dealerships, it is very pleasing to announce the acquisition of our first Land Rover and the addition of a sixth Jaguar dealership, which are expected to be rapidly earnings enhancing and strengthen our brand portfolio mix.
“The Land Rover brand continues to perform exceptionally well and has been acknowledged as the most valued new car franchise by the National Franchised Dealers Association’s Dealer Attitude Survey.
“Cambria is already working closely with Jaguar, which is going from strength to strength and the new product roll-out, scheduled for 2015 onwards, is very exciting.”
Cambria said it continued to perform well in a strong new car market and that it remains on track to match or exceed market expectations in the current financial year.