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Inchcape sheds five Vauxhall sites

Former Inchcape managing director Graeme Potts has returned to car retailing with the acqusition of five Vauxhall outlets from his former employers.

Inchcape sold the outlets to Potts under his Eden (GM) trading name for £14.3 million. Eden (GM) is a joint venture between Potts' Eden Automotive Investments and the Motor Holdings division of Vauxhall.

The dealerships are located in Reading, Newbury, Fareham, Honiton and Exeter, and will operate under the Eden Vauxhall name.

Potts left Inchcape in September 2006, but told AM he intended to return to the retail motor industry in September last year and announced plans to build a 20-strong dealer group.

Potts said: "I enjoyed my time at Inchcape hugely, but now want to be running a business small enough to get my arms around.

"I am open minded about the manufacturers I will represent – it’s the potential of the dealerships that counts."

Inchcape said the disposals were in line with its strategy to dispose of certain non-core assests.

This transaction follows the disposals of Inchcape Automotive, Wilcomatic, and the UK based Bentley, Ferrari and Maserati retail outlets, after the review of the UK business following the acquisition of European Motor Holdings.

Inchcape announced in March last year that it wanted to shed 47 dealerships to focus on the premium segment of the automotive market. It is also raising funds to support its growth into eastern European markets.

Andre Lacroix, Inchcape group CEO, said: “This disposal is in line with the Group's strategy of streamlining the UKbusiness.

“We will re-allocate the proceeds into our fast growing emerging markets businesses.”

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