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MMH Marshall Motor Holdings Plc

397.00
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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

Marshall Motor Holdings PLC Portfolio Update (0288X)

21/11/2017 7:02am

UK Regulatory


Marshall Motor (LSE:MMH)
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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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