Inchcape Sells Five UK Volvo Franchises

INCHCAPE Plc, a global operator of car dealerships, has sold five of its six Volvo franchises in the United Kingdom for 3 million pounds (US$5.3 million) as it focuses on luxury brands and expansions in eastern Europe and Asia.

Inchcape sold the outlets to Mill Garages North East Ltd, retaining ownership of the properties, which will be rented at their market value, the London-based company said yesterday. 'This is in line with the company's strategy to focus on their premium brands,' said John Baillie, a London-based Societe Generale analyst.

Inchcape is investing in Bulgaria, Romania and China.

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