Inchcape sells Russian Toyota, Audi retail operations to KlyuchAvto

(Alliance News) - Inchcape PLC on Thursday announced it has agreed to the sale of its Toyota and ...

Alliance News 22 April, 2021 | 10:00AM
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(Alliance News) - Inchcape PLC on Thursday announced it has agreed to the sale of its Toyota and Audi retail operations in St Petersberg, Russia to local market operator KlyuchAvto.

The London-based automotive distribution, retail and services company said it will sell the business for an enterprise value of GBP70 million in cash. The business generated GBP200 million revenue and GBP12 million pretax profit in 2020.

Inchcape said the proceeds will be used to grow its core Distribution business in line with its strategy.

"The transaction is conditional upon final original equipment manufacturer partner and regulatory approvals, and is expected to complete in the second quarter," said Inchcape.

Shares in Inchcape were up 0.7% at 786.00 pence in London on Thursday.

By Zoe Wickens; zoewickens@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
Inchcape PLC 816.00 -
Toyota Motor Corp 8,341.00

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