9:45 am, July 6, 2016
CAMBRIA Automobiles has announced the acquisition of the Jaguar and Land Rover franchise in South Woodford in north London from Pendragon Premier Limited for £2.1 million.
The business runs a sales facility in South Woodford and an aftersales facility in Hainault, Essex, currently operating from leasehold premises.
Cambria has committed to Jaguar Land Rover that it will relocate the business to a new dealership facility that will be compliant with the JLR Arch Corporate Identity Concept.
According to Cambria, the territory has great potential for the Jaguar and Land Rover franchise and complements the group’s existing brand footprint, which now operates five Jaguar and four Land Rover dealerships under the Grange trading name.
The acquired dealerships’ unaudited management accounts for Jaguar Land Rover for the year ended 31 December 2015 show revenue of £44.4 million and Cambria estimates the adjusted profit before tax for the same period to be £0.7 million.
Following this transaction, the group operates a total of 31 dealerships representing 46 franchises and 17 brands across the UK.
Mark Lavery, CEO of Cambria, said: ‘We are pleased to have acquired this Jaguar and Land Rover franchise in North London, which complements and enhances the group’s existing Jaguar Land Rover businesses.
‘The acquisition represents continued delivery of the strategy to develop our portfolio of premium and high luxury franchises in strategic locations by acquiring businesses that are earnings enhancing.’
He added: ‘The board believes that the South Woodford territory provides significant potential and we are keen to maximise the opportunity as we build and relocate to a new dealership facility.’
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