London automotive firm refocuses Asia business with £54m disposal of China sites
A London-based automotive distributor has sold its retail sites in mainland China in a £54m disposal deal.
Inchcape has agreed to sell its three retail sites in mainland China to investment holding firm China Yongda Automobiles Services Holdings Limited.
Headquartered in London, Inchcape specialises in the automotive distribution and retail, and operates in 32 international markets.
The sale of Lexus in Shaoxing, Porsche in Nanchang and Mercedes-Benz in Jiujiang represents Inchcape’s exit from its China retail business, enabling the firm to refocus its Asia business on distribution.
Stefan Bomhard, group CEO of Inchcape plc, commented: “The disposal of our three remaining sites in mainland China marks a further shift towards focusing on our core distribution business model, thereby allocating our resources towards more attractive profit pools in the Asia region.
“The global opportunities for Inchcape are exciting; whilst we exit three Retail sites in China today, through our acquisitions to date we have become a top 5 Distributor of Chinese OEMs across the markets we operate in Latin America.
“We remain focused on ensuring we are driving value for shareholders today and for the future.”
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