Business
Completion of disposal of UK Retail Business
Completion of disposal of UK Retail Business.
About this update from Inchcape Plc
[{"type":"text","content":"\n\n 1 August 2024\n \n \n \nInchcape plc\n(\"Inchcape\" or \"the Group\")\n \nCompletion of disposal of UK Retail Business\n \n \nFurther to its announcement on 15 April 2024, Inchcape plc (\"Inchcape\" or \"the Group\"), the leading global automotive distributor, confirms that it has successfully completed the disposal of its UK Retail operations to Group 1 Automotive UK Limited (\"Disposal\"). Completion of the Disposal follows approval from the Financial Conduct Authority obtained on 29 July 2024.\nThe completion of the Disposal will complete Inchcape's transformation into a pureplay Distribution operator, with a diversified and scaled global business. Distribution is higher-margin, more capital‐light, higher return, more cash-generative, compared to retail-only businesses.\n \nDuncan Tait, Group Chief Executive, commented: \"We are pleased to have completed the divestment of our UK retail business, which represents a major strategic inflection point for Inchcape, as we deliver on our ambition of becoming the leading distribution partner to our OEM partners around the world. I would like to express my sincere gratitude to our former UK colleagues for their service and commitment over the years and I know the business will play an important part in further developing Group 1's position in the UK automotive retail market.\"\n \n \nEnquiries:\n \n\n\n\n\nInchcape plc\n(Investor queries):\n\n\n\n\n\n\n\n\n\n\nRob Gurner\n\n\n+44 ...