12:58 pm, May 1, 2015
CAMBRIA has completed the acquisition TH White Limited, the Land Rover franchise in Royal Wootton Basset, Swindon, for £7.56 million.
It will become Cambria’s second Land Rover franchise and the group now operates 29 dealerships – representing 46 franchises and 18 brands – across the UK.
The acquisition comprises £2.25m for the freehold property, £3m of goodwill, £70,000 for fixed assets, with the remaining £2.24m for used and demonstrator vehicles, parts stock and apportionments.
Cambria is likely to will relocate the newly0acquired Land Rover operation to a redeveloped site alongside its existing Jaguar dealership in Swindon. The new combined facility will be developed over the next two years.
The acquired dealerships’ management accounts for the year ended December 31, 2014 show revenue of £32m and Cambria estimates the profit before tax for the same period was £700,000.
Mark Lavery, the chief executive of Cambria, said: ‘The acquisition of the Land Rover dealership in Swindon aligns perfectly with our stated strategy to develop our portfolio of premium and high-luxury franchises. The Swindon territory is well known to us with the Cambria Group established in the town following its first acquisition in 2006.
‘The Land Rover franchise continues to perform well, and we are pleased to be able to develop our Jaguar Land Rover relationship further with this exciting acquisition. TH White Land Rover was a family business, and we are looking forward to the opportunity to further enhance its performance under Cambria ownership.’
David Kendrick, a partner of UHY Hacker Young, said: ‘We have seen a lot of change in the JLR network recently and it was a pleasure to assist the shareholders of TH White with the sale of their Land Rover dealership.
‘The fit for Cambria works very well as they already have Jaguar in that territory. We continue to see a lot of movement within premium franchises and expect this to continue.’
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