Cambria Automobiles is to acquire a Jaguar Land Rover franchise based in North London for £2.1 million, according to reports.
Cambria will be buying two premises from Pendragon Premier Limited in the deal. One is the main sales facility at South Woodford in North London. The other is an after sales service being run from a leasehold facility in Hainault, Essex. However, Cambria plans to move the Jaguar Land Rover business to a single dealership facility, which will be compliant with the JLR Arch Corporate Identity Concept, according to the company.
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Cambria currently operates five Jaguar and four Land Rover dealerships under the name of Grange. The latest acquisition will compliment the current crop of businesses. Cambria, which operates around 31 car dealerships across the UK, says the Pendragon Premier purchase shows great potential for expanding the Jaguar Land Rover brand.
Mark Lavery, the chief executive of Cambria, said of the deal: “We are pleased to have acquired this Jaguar 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.
Mr Lavery went on to add: “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.”