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Glenvarigill sells prestige dealerships

Glenvarigill Motor Group has sold its Porsche, Ferrari and Maserati dealerships to Sytner Group plc as part of its long-term strategy for restructuring the business to focus on fewer marques that will deliver growth.

The deal includes three dealerships in Edinburgh (Porsche, Ferrari, Maserati) and one in Glasgow (Porsche).

Tim Bartlett, managing director, Glenvarigill Motor Group, said: "Our long term strategy since the management buyout in 2002 has been to re-focus the business on fewer marques and continue to strengthen our balance sheet. This deal is an important part of the strategy and will reduce the company’s debt by 75% leaving us with a substantial business that has a turnover of £80 million.

“We can now focus on the development of our Audi, VW and Honda dealerships. At this stage we have significant expansion plans already in place for Audi with an additional showroom in Edinburgh due to open in autumn this year and a further dealership in Stirling planned for 2005.”

In the remaining businesses, year on year sales are up by 23% and profitability has grown by 20%.

Sytner operates across more than 70 full service dealerships throughout the UK and holds official manufacturer franchises for: Audi, BMW, BMW ALPINA, Bentley, Chrysler, Ferrari, Jaguar, Jeep, Land Rover, Lexus, Maserati, Mercedes-Benz, Porsche, Rolls-Royce, Saab, Toyota, Volvo and VW.

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