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Inchcape confirms Russian expansion

Inchcape has completed its acquisition of a 75.1% shareholding in Audi and Peugeot retail businesses in St Petersburg, Russia.

Further to an announcement on October 4 2007, Inchcape has confirmed its 75.1% shareholding in OOO Concord, a Peugeot retail business, and OOO Orgtekhstroy, an Audi retail business.

Inchcape is also investing £13m in the expansion of its Toyota Rustavelli site and the relocation of its current Lexus retail centre to a new flagship site in St Petersburg.

Andre Lacroix, Inchcape group chief executive, said: “We are excited about this further expansion into the fast growing Russian market as well as the opportunity to work with brand partners Toyota, Lexus, Audi and Peugeot in St Petersburg.”

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