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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Marshall Motor Holdings Plc | LSE:MMH | London | Ordinary Share | GB00BVYB2Q58 | ORD 64P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 397.00 | 394.00 | 400.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMMMH
RNS Number : 0288X
Marshall Motor Holdings PLC
21 November 2017
21 November 2017
MARSHALL MOTOR HOLDINGS PLC
("MMH" or the "Group")
Portfolio Update
Marshall Motor Holdings plc, one of the UK's leading automotive retail groups today announces the proposed closure of five franchised dealerships and one used car centre.
These proposed closures are being effected with the full support and approval of the Group's brand partners.
Three of the franchised dealerships impacted are in relatively small markets and within close proximity of other existing Group dealerships of the same franchise. Where possible, this will enable the Group to retain its existing customer base. These are Honda Mountsorrel, Nissan Boston and Vauxhall Welwyn Garden City.
Two of the impacted businesses share a subscale site in Oxford with a high fixed cost base which is not sustainable in the longer term. These are the Maserati franchise and one of the Group's used car centres
The final closure is the Citroen Cambridge new car sales franchise which is the last remaining representation point with this particular brand partner. The Group will be retaining Citroen authorised repairer status in Cambridge.
In the year ending 31 December 2017 these dealerships are expected to make a combined revenue contribution of approximately GBP40m and a pre-tax loss of approximately GBP1.3m (before central overhead charges). Closure costs are expected to be approximately GBP6m which includes GBP2m of non-cash items including asset and goodwill impairments. The cash closure costs will in due course be partly offset by the disposal of a surplus freehold property (Nissan Boston) and the realisation of working capital / disposal of stock held in the dealerships.
In the Group's 2017 financial statements these closure costs will be treated as a non-underlying item.
Daksh Gupta, Chief Executive Officer commented:
"These proposed closures are in line with the Group's stated strategy of driving class leading returns and will support our 2018 financial aspirations. This decisive action reflects the Board's focus on tight financial discipline whilst investing in and supporting our businesses.
Over coming weeks we will be engaging with colleagues in these businesses and will be seeking to mitigate the impact where possible."
Ends
For further information and enquiries please contact:
Marshall Motor Holdings plc c/o Hudson Sandler Daksh Gupta, Group Chief Executive Tel: +44 (0) 20 7796 4133 Mark Raban, Chief Financial Officer Investec Bank plc (Financial Tel: +44 (0) 20 Adviser, NOMAD & Broker) 7597 5970 Christopher Baird David Flin David Anderson Hudson Sandler Tel: +44 (0) 20 7796 4133 Nick Lyon Alex Brennan Bertie Berger
Notes to Editors
About Marshall Motor Holdings plc (www.mmhplc.com)
The Group's principal activities are the sale and repair of new and used vehicles through Marshall Motor Group. Prior to the proposed closures, the Group had a total of 104 franchises covering 24 brands, operating from 90 locations across 26 counties in England. In addition, the Group operates five trade parts specialists, five used car centres, five standalone body shops and one pre delivery inspection centre.
In May 2017 the Group was recognised by the Great Place to Work Institute, being ranked the 22nd best place to work in the UK (large company category). This was the eighth year in succession that the Group has achieved Great Place to Work status.
Cautionary statement
This announcement contains unaudited information based on management accounts and forward-looking statements that are based on current expectations or beliefs, as well as assumptions about future events. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts and undue reliance should not be placed on any such statements because they speak only as at the date of this document and are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results, and the Group's plans and objectives, to differ materially from those expressed or implied in the forward-looking statements. MMH undertakes no obligation to revise or update any forward-looking statement contained within this announcement, regardless of whether those statements are affected as a result of new information, future events or otherwise, save as required by law and regulations.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
November 21, 2017 02:02 ET (07:02 GMT)
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