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Caffyns re-franchises MG Rover dealerships

Dealer group Caffyns is preparing to re-franchise its eight MG Rover dealerships, following the appointment of administrators at the Midlands car manufacturer last week.

Turnover generated from MG Rover for these dealerships amounted to £15.8m, with operating profit reaching £355,000 from the six months ending September 30, 2004.

On March 31, Caffyns owned approximately £3.6m of MG Rover stocks (including £1.5m consignment stock) representing 16% of the company’s total vehicle stock.

The dealerships affected in Eastbourne, Brighton and Worthing are currently in the process of re-franchising. Branches in Lewes and Uckfield will continue to trade as MG Rover used and after-sales operations.

Caffyns is currently owed £54,000 from MG Rover, as well as any additional charges from vehicle stocks.

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