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Group 1 Automotive expects to add about $300 million in annual revenue from acquisition of 9 franchises in the U.K.

Group 1 Automotive Inc. (GPI) said Tuesday it has acquired nine franchises in the U.K. northeast of London from the Robinsons Motor Group and expects to add $300 million to annual revenue. The operator of dealerships selling new and used cars said the franchises are the family of brands offered by the Volkswagen Group , along with one Citroen dealership, with locations in the cities of Norwich, Peterborough, Lowestoft and Ipswich. Robinsons already sold Group 1 five Mercedes dealerships in 2018. Group 1 now hast 55 locations in the U.K. with 75 franchises representing 14 brands. Shares were not active premarket, but have gained about 26% in the year to date, while the S&P 500 as gained about 16%.

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

 

(END) Dow Jones Newswires

07-06-21 0623ET

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