Swindon headquartered franchised motor retailer,Cambria Automobiles plc, has agreed to its chief executive, Mark Lavery’s £80 million offer for the business.
Cambria Automobiles said his cash offer of 80p per share would be put to shareholders with a unanimous recommendation that they accept it.
In May, Cambria announced its unaudited interim results for the six months ended 28 February 2021. The Group said it has performed ahead of the prior year despite operating through the various Covid related lockdown and tiering restrictions.
Revenue reduced by 16 per cent to £254.7m (H1 2020: £303.1 million) and underlying profit before tax up 55.5 per cent at £9.8 million (H1 2020: £6.3m).
Cambria was established in March 2006 with the objective of creating an independent UK motor dealership group representing both the volume, premium and luxury segments of the motor vehicle market. The company is a retailer of new and used cars, commercial vehicles and motorbikes.
Over the intervening years, Cambria Automobiles plc has bought a number of underperforming motor dealership businesses where it felt it could increase increased revenue and profitability.