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Super Group buys UK motor dealer Allen Ford for R606m
Fleet management company Super Group says it has bought the UK's second-largest Ford motor dealer‚ Allen Ford‚ for R606m.
Super Group has bought the UK's Allen Ford dealership for R606m and is likely to buy all the properties it occupies for a further R329m. Image: MotorCodes
The purchase includes a call option to purchase eight properties leased by Allen Ford from the Camden Companies for about R328.9m.
About 70% of both deals will be financed by a financial institution. Super Group will settle the balance from its own cash resources.
The company said the Allen Ford deal was in line with its strategy to make selective purchases in its core businesses of supply chain‚ fleet management and dealerships in SA and abroad.
"(This) represents an opportunity for the group to build a dealership business in the third-largest car market in the world‚" it said.
Allen Ford operates 13 franchised Ford motor dealerships and two franchised Kia motor dealerships in England.
The group said it expected to conclude the Allen Ford deal by December‚ if regulatory authorities approve it. The purchase of the properties is expected to be completed shortly after.
Source: BDPro via I-Net Bridge
Source: I-Net Bridge
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