1 August 2024
Inchcape
plc
("Inchcape" or "the Group")
Completion of disposal of UK Retail Business
Further 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.
The 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.
Duncan 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."
Enquiries:
About Inchcape
Inchcape is the leading global
automotive distributor, with operations across six continents.
Inchcape works with our mobility company partners in smaller, more
complex and harder-to-reach markets, which tend to be higher growth
with low motorisation rates. By combining our in-market expertise
with our unique technology and advanced data analytics, we create
innovative customer experiences that deliver outstanding
performance for our partners - building stronger automotive brands
and creating sustainable growth.
Our distribution platform connects
the products of mobility company partners with customers, and our
responsibilities span product planning and pricing, import and
logistics, brand and marketing to operating digital sales, managing
physical sales and aftermarket service channels. Delivering for our
partners, our customers and our people - so they can realise their
ambitions in the new world of mobility. The Group is headquartered
in London and employs over 18,000 people globally.
Publication on
website
A copy of this announcement will be
available for inspection on the Company's website at:
www.inchcape.com. For the avoidance of doubt, the contents of this website are
not incorporated into and do not form part of this
announcement.