CMO
24/07/2014 16:54
ASSET
REL: 1654 HRS The Colonial Motor Company Limited
ASSET: CMO: Business acquisiton
The board of The Colonial Motor Company Limited (CMC) is pleased to announce
that it has today entered into an unconditional contract to purchase the
business of Jeff Gray European Limited.
The business consists of four BMW dealerships in Wellington, Christchurch,
Hastings and Palmerston North. The Wellington and Christchurch dealerships
include Mini Garages.
The BMW franchise will operate through a separate, wholly-owned subsidiary
with its own management team and will carry on trading from its current
facilities in all four centres under the name of Jeff Gray BMW.
Settlement will be on 18 August.
CMC will announce its preliminary full year result on 20 August.
End CA:00253061 For:CMO Type:ASSET Time:2014-07-24 16:54:22
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