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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cambria Automobiles Plc | LSE:CAMB | London | Ordinary Share | GB00B4R32X65 | ORD 10P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 82.50 | 81.00 | 84.00 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
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
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(END) Dow Jones Newswires
January 21, 2020 02:00 ET (07:00 GMT)
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