LONDON: Cambria Automobiles has announced 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 £1.6 million 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 of cars franchise 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.”