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Inchcape sells Toyota stake

Inchcape this week agreed to sell its 49% stake in Toyota (GB) back to parent company Toyota Motor Corporation (TMC) for £42.1m, subject to EC approval. Last year, the division contributed £5m to Inchcape's pre-tax profits.

The automotive services group, which sold its Daihatsu UK distribution rights to IM Group in February for £9m, had an agreement to distribute Toyota (GB) until the end of 2007. Chief executive Peter Johnson said Inchcape would use the funds to “develop alternative channels to market as well as investing in more broadly-based financial products”.

Inchcape remains Toyota's largest independent distributor, representing the manufacturer in 14 markets worldwide.

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