HR Owen said: “Discussions are continuing, and a further announcement will be made when appropriate.”
The move comes after HR Owen completed a number of restructuring measurements last year, including selling off five Audi businesses to Spire Automotive and its PAG sites to Lookers.
Nick Lancaster, HR Owen chief executive, told AM last year HR Owen was looking to completely change the structure of the business by lowering its portfolio of franchises.
Lancaster has spent more than a year disposing of dealerships representing non-specialist brands because of the high costs associated with motor retailing in London and the south-east. “We are making HR Owen profitable again, have cash reserves and little debt, whereas previously we had substantial borrowings,” he added.
HR Owen has BMW a new car sales site Chiswick and used car, authorised aftermarket and corporate specialist businesses in West Drayton.