Top 20 AM100 dealer group Cambria Automobiles has added the Vauxhall franchise to its portfolio following the acquisition of a dealership in Southampton from Hartwell.
The news follows the group’s pre-close trading statement which reveals that despite a difficult market, the business has achieved another year of growth “broadly in line with market expectations”.
Cambria remains acquisitive and intends to pursue more opportunities with Vauxhall.
The group now has 27 locations across the UK and Vauxhall brings the total number of new car franchises to 39.
The acquired business in Southampton has been loss making in recent years, and it is anticipated that the acquisition will be earnings dilutive in the short term while the Cambria systems and processes are implemented. The business was acquired on a net asset basis and no goodwill was paid.
Mark Lavery, Cambria chief executive, is confident the Vauxhall dealership will return to profitability in the medium term.
Lavery said: "I am pleased with the performance achieved by the group against a background of a very challenging new and used car market.
"We continue to use this market weakness to drive forward our buy-and-build strategy, utilising our strong balance sheet and today announce the acquisition of our maiden Vauxhall dealership. We continue to out-perform our under lying markets and view the future with confidence notwithstanding the obvious short-term challenges the industry faces."