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Ford takes HMG sites with Polar

Ford, as expected, has stepped in to influence the purchase of collapsed HMG Holdings dealerships through Polar Motor Group, its joint venture with Jardine Motors.

Polar takes control of HMG's three Hancock Southern outlets in the Woodford market area of North-east London and one outlet in Staines, west London.

The dealerships will trade under Polar's Dagenham Motors brand.

The £500m turnover HMG group crashed in March with debts believed to be £50-60m. Receivers Grant Thornton and KPMG blamed a high debt burden from rapid expansion during the Nineties.

Polar has sold its Ford outlets in Bedford, Bletchley and Milton Keynes to CD Bramall to refocus on the London M25 region. CD Bramall, which recently signalled its intention to acquire more dealerships, now has 80 outlets.

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