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EMH buys Arriva BMW outlet

European Motor Holdings has bought Arriva Group's Stockton BMW dealership for £7.4m cash. The figure includes a goodwill payment of £2.0m.

During the year ended 31 December 2001, the latest year for which audited accounts are available, the Preston Hall dealership made a profit before taxation of £0.9m on a turnover of £25.2m.

This is the fourth BMW dealership for EMH, and has a strategic geographical fit with its existing dealerships in York, Malton and Sunderland. It completes a significant market area for this marque.

EMH chief executive Richard Palmer says: “The acquisition of Preston Hall is very significant for EMH. The opportunity to acquire a BMW dealership of this size rarely occurs and we are therefore delighted to be able to announce this acquisition today.

"Additionally, this acquisition represents significant progress in the task of replacing the earnings that were lost when we disposed of our Mercedes-Benz businesses in 2002.”

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