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HR Owen has sold its loss making London BMW and Mini outlets to Marsh Wall.
A deal is likely to be completed by the middle of next month.
HR Owen said that some £2.8m was being paid for its Chiswick and Heathrow-based BMW and Mini facilities, which posted a pre-tax loss of £2m to December 2006.
The deal needs shareholder approval before it is signed off.
Luxury focus
Earlier in the year HR Owen signalled that it wanted to concentrate on high end luxury brands like Ferrari, and move out of premium volume sales, citing the expense of operating in London as the reason for this.
Both its Chiswick showroom, the former Chequered Flag sport scar business near Gunnersbury Park station, and its Mini facility, a one-time BMW showroom further along Chiswick High Road, have limited space, and are in a part of London where demand for property has been intense.
Last month it bought Inchcape’s St Albans-based Ferrari and Maserati operation, and has been the subject of takeover interest from the Australian Balverona car wholesale business, but the deal did not go ahead.
HR Owen chief executive Nicholas Lancaster his company’s upmarket strategy “has greatly improved the market position and prospects of HR Owen.”