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HR Owen buys from Inchcape

HR Owen has bought a Ferrari and Maserati dealership in St Albans from Inchcape Retail for £320,000.

The business previously traded under Inchcape’s Maranello brand, but has been rebranded HR Owen Sports Cars.

AM first reported in June that HR Owen was interested in the Inchcape businesses. It already represents Ferrari and Maserati in London.

The St Albans dealership made £400,000 pre-tax profit in 2006, and HR Owen said today it expects it to be “earnings enhancing”.

Chief executive Nick Lancaster added: “This is a good opportunity for HR Owen to expand within the core luxury brand market.

"The new showrooms complement our existing Ferrari and Maserati franchises in London. Both Ferrari and Maserati have recently introduced outstanding new models, and the St Albans facilities will allow us to expand our new and used car operations that support these marques.”

HR Owen recently announced it was in talks with a potential buyer for the group.

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