Inchcape sells three Australian sites for £63m

Auto distributor Inchcape said it was selling three retail sites in Australia to Sime Darby Motors for £63m.

The disposal followed the sale of three sites in May and July , with the deal expected to complete in the fourth quarter, Inchcape said on Wednesday, adding that it was reorganising its Australasian buisness around its distribution unit.

The three sites represent a mix of brands - VW, BMW, Mini and JLR - and have generated £79m of revenue year to date, the company added.

The six retail site sales in Australia will generate a cash inflow of £76m and are expected to give rise to a small gain on disposal. The reorganisation was expect to incur exceptional costs of around .£5m - £8m over the second half of 2019.