Marshall Motor Holdings said it has completed the sale of its wholly-owned leasing segment, Marshall Leasing Limited to N.I.I.B Group Limited, a wholly owned subsidiary of the Bank of Ireland for £42.5m, creating greater long-term value for its shareholders.
UK new car sales fell steeply in the historically strong month of September for the first time in six years to record their sixth monthly decline in a row.
Automotive retail group Marshall Motor Holdings has announced the strategic disposal of its wholly-owned leasing segment, Marshall Leasing, to Northridge Finance for £42.5m in cash.
Strong like-for-like sales fed straight down to the bottom line at Marshall Motor Holdings during the first half of the year.
Automotive retail and leasing group Marshall Motor Holdings issued its pre-close statement ahead of the release of its half-year results to 30 June, scheduled for 15 August.
Automotive retail and leasing group Marshall Motor Holdings updated the market on its ongoing portfolio management on Tuesday, which it said was in line with its strategy of driving "class leading returns" and strategic growth with existing brand partners in new geographic territories.
New car sales shifted sharply into reverse gear in April after the record previous month when drivers rushed to buy before the imposition of the new vehicle excise duty.
UK new car sales a record performance in the key month of March as consumers zoomed in before the new vehicle excise duty rates came into force over the weekend.
Car dealership firm Marshall Motor Holdings built on the record performance seen in the first half of the year with improvements in the second with revenue growth and acquisitions, but remains cautious about the outlook in the car industry following the EU referendum.
Marshall Motor Holdings said on Tuesday that other than speculation surrounding the impact of Brexit and the automotive sector in particular, it knows no reason for the recent movement in the share price.
AIM-listed Marshall Motor Holdings posted a jump in interim profit and revenue and lifted its dividend.
Marshall Motor Holdings' shares are up more than 20% after it acquired Ridgeway Garages (Newbury) Ltd for £106.9m cash.
Marshall Motor Holdings, which floated in April, posted a 9.8% jump in interim pre-tax profit as revenue rose on the back of a strong trading performance from recently-acquired businesses and continued organic growth.