Cambria Automobiles Plc Acquisition in High Luxury Segment (3830A)
January 21 2020 - 2:00AM
UK Regulatory
TIDMCAMB
RNS Number : 3830A
Cambria Automobiles Plc
21 January 2020
21 January 2020
Cambria Automobiles plc
("Cambria" or the "Group")
AIM: CAMB
Acquisition of Aston Martin and Rolls-Royce Motor Cars
dealerships
Cambria, the franchised motor retailer, is pleased to announce
the acquisition of one Aston Martin franchise and one Rolls-Royce
Motor Cars franchise in Edinburgh from the administrator of Leven
Cars Group Limited. The total cash consideration, which includes
one freehold and one leasehold property along with certain fixed
assets, is GBP1.6m and this will be funded from the Group's
existing resources. Despite the business failure leading to the
Administration, the Board expects the acquisition to be earnings
neutral in the first full year of ownership, the year ending 31
August 2020.
This acquisition increases the Group's Aston Martin presence to
four dealerships and brings Rolls-Royce Motor Cars into the
portfolio for the first time. These dealerships represent a
significant opportunity for the Group's High Luxury Segment as they
are the only outlets in Scotland for Aston Martin and Rolls-Royce
Motor Cars.
Mark Lavery, Chief Executive of Cambria Automobiles plc,
commented:
"The Board is delighted to have acquired these two great assets
in Edinburgh, marking the Group's entry into the important Scottish
market. Aston Martin has been part of Cambria's portfolio since the
end of 2007 and this acquisition increases the Group's
representation to four dealerships. This acquisition also adds
Rolls-Royce Motor Cars to the Group's High Luxury Segment and we
are excited to welcome this prestigious brand to the
portfolio."
-Ends-
Enquiries:
Cambria Automobiles Tel: 01707 280 851
Mark Lavery, Chief Executive
James Mullins, Finance Director
www.cambriaautomobilesplc.com
N+1 Singer - NOMAD & Joint Broker Tel: 020 7496 3000
Mark Taylor / Justin McKeegan
Zeus Capital - Joint Broker Tel: 020 7533 7727
Dominic King
FTI Consulting Tel: 020 3727 1000
Alex Beagley / James Styles /
Sam Macpherson
About Cambria - www.cambriaautomobilesplc.com
Cambria Automobiles ("Cambria") was established in 2006 and has
built a balanced portfolio of high luxury, premium and volume car
dealerships, comprising over 40 franchises representing major
brands across the UK. The Group's businesses are autonomous and
trade under local brand names, including County Motor Works, Dees,
Doves, Grange, Invicta, Motorparks and Pure Triumph.
The Group's strategy is to complement its existing franchise and
brand portfolio by acquiring earnings enhancing operations, using
its strong balance sheet and disciplined approach to capital
allocation.
Cambria's medium term ambition is to create a GBP1 billion
turnover business producing attractive returns on capital.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
ACQFLFIALRIIFII
(END) Dow Jones Newswires
January 21, 2020 02:00 ET (07:00 GMT)
Cambria Automobiles (LSE:CAMB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Cambria Automobiles (LSE:CAMB)
Historical Stock Chart
From Apr 2023 to Apr 2024