Cambria has acquired a Jaguar and Land Rover business in North London from Pendragon.
Cambria said the territory around the South Woodford leasehold site has “great potential” for Jaguar and Land Rover and complements the dealer group’s existing JLR footprint.
In 2015 it achieved £44.4m turnover and estimated adjusted PBT of £0.7m.
The deal takes Cambria’s JLR portfolio to five Jaguar and four Land Rover outlets, all operating under the Grange brand.
The £2.1m acquisition is funded from Cambria’s existing facilities. Cambria said the consideration for the acquisition comprises £2.0 million of goodwill, £0.1 million for fixed assets, £0.1m for used vehicle stock, £0.2 million for parts stock with the remaining £0.3 million deduction in consideration for customer deposits transferred and apportionments.
Cambria has committed to Jaguar Land Rover that it will relocate the business to a new dealership facility that will be compliant with the JLR Arch Corporate Identity Concept.
Cambria’s chief executive Mark Lavery said: ““We are pleased to have acquired this Jaguar and Land Rover franchise in North London, which complements and enhances the Group’s existing Jaguar Land Rover businesses. The acquisition represents continued delivery of the strategy to develop our portfolio of premium and high luxury franchises in strategic locations by acquiring businesses that are earnings enhancing. The board believes that the South Woodford territory provides significant potential and we are keen to maximise the opportunity as we build and relocate to a new dealership facility.”
- In a trading update, Lavery added that Cambria continues to trade well and the strong trading performance reported to March has continued through to the end of June.