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Inchcape has sold its five UK Vauxhall retail outlets to new dealer group Eden (GM) for £14.3m.
The acquisition is the first by Eden, which is a joint venture with Eden Automotive Investments and the Motors Holding division of Vauxhall Motors.
The Eden Group is owned by Graeme Potts, who was Inchcape UK and Europe managing director until late 2006.
Eden Vauxhall
The dealerships are located in Reading, Newbury, Fareham, Honiton and Exeter, and will operate under the Eden Vauxhall name.
“I am delighted to be working with Motors Holding to acquire and further develop these dealerships,” said Potts.
“I look forward to operating again in the motor retail business at a very exciting time for our industry”.
The Vauxhall disposal follows Inchcape’s decision to offload prestige brands such as Bentley, Ferrari and Maserati, as well Inchcape Automotive and Wilcomatic.
Inchcape focus
The group will focus its operations on Audi, BMW, Honda, Mercedes-Benz, Toyota/Lexus and Volkswagen.
Inchcape said the latest disposals were part of plans to drop up to 47 non-core sites and businesses.
“This disposal is in line with the group’s strategy of streamlining the UK business,” said Andre Lacroix, Inchcape’s chief executive.
“We will re-allocate the proceeds into our fast growing emerging markets businesses.”