Caffyns has completed the disposal of its Lewes Land Rover dealership to Harwoods.
A statement published on the London Stock Exchange revealed that the sale and purchase agreement – for a cash consideration of £5.7 million plus an amount for stock to be established at completion – was finalised on April 29th.
The arrangement, reported by AM last month, came just a month before Caffyns’ franchise agreement with JLR expired.
The Stock Exchange Statement said that Caffyns had been informed that its current five year contract with Jaguar Land Rover as an authorised dealer would not be renewed when it expires on May 31st, adding: “The board of the Company therefore believes that the disposal represents the best value for the Company and its shareholders as a whole.”
Caffyns’ Lewes Land Rover dealership was not selected by JLR to be part of the consolidation of its Jaguar and Land Rover franchised dealerships into larger geographic groups.