Marshall Motor Group has acquired Leeds Volvo from Harratts Group for £77,000 in a deal completed with the support of Volvo Car UK.
The acquisition cements the group's position as Volvo Car UK’s largest franchised partner, with nine locations in: Bishop's Stortford; Cambridge; Grantham; Leeds; Melton Mowbray; Milton Keynes; Nottingham; Peterborough and Welwyn Garden City.
In a statement issued via the London Stock Exchange Marshalls said that the transaction was “not expected to have a material impact on the group's earnings in the current financial year”.
But plans to redevelop the site in line with new Volvo Retail Experience standards are expected to help make the business earnings enhancing “in future years”, a statement said.
Marshalls also announced the sale of a vacant freehold site in Totton, Southampton, for £2 million.
The site had been acquired as part of the acquisition of Ridgeway in May 2016.
Commenting on the acquisition of Leeds Volvo, John Wakefield, managing director of Volvo Car UK, said: “The transformation of the Volvo brand and product range has contributed to four years of consecutive sales growth in the UK, a trend that we fully expect to continue as we replace our top-selling XC60 model this year.
“Marshall is a key franchise partner to Volvo Car UK, operating in nine locations nationwide, including Cambridge, our 2016 Dealer of the Year.
“We are pleased to have supported Marshall's acquisition of Leeds Volvo and look forward to supporting their plans to upgrade the site to meet our new Volvo Retail Experience standards and further develop our representation in the area.”
Marshalls chief executive, Daksh Gupta, said that he was “pleased to announce” the new addition of the new Volvo business, adding that it was “in line with our strategy of growth with existing brand partners in new geographic territories”.
On the freehold land sale, Gupta added: “We continue to manage our portfolio to generate class leading returns for our shareholders and this recent disposal of vacant land demonstrates our disciplined approach to capital management.”