 | Home > Dealership & Sponsor Feedback > Caffyns exits Land Rover business with Lewes sale |
 
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| Supacat Member Since: 16 Oct 2012 Location: West Yorkshire Posts: 11018   
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Caffyns is selling its Land Rover business in Lewes, West Sussex to Harwood for £5.7m.
The deal, which excludes the freehold and is expected to be completed on 29 April, was prompted Jaguar Land Rover’s (JLR) decision not to renew its contract with Caffyns to sell Land Rover vehicles. JLR is shaking up its Jaguar and Land Rover networks with a view to achieving common ownership for the two brands in each market territory. In its half year results released in November Caffyns said it was in discussions with JLR over the future of the business within the group. In a statement Caffyns said today: “The company has been informed that its current five year contract with Jaguar Land Rover as an authorised dealer of new Land Rovers will not be renewed when it expires on 31 May 2016. “The board of the company therefore believes that the disposal represents the best value for the company and its shareholders as a whole.” The money will be used to reduce Caffyns debt in the short term and to reinvest in the business following completion. Caffyns will retain the freehold and lease the site to Harwood for up to three years. The value of the Land Rover stock held by Caffyns in February was £3.2m. Caffyns is rated 60 in the Motor Trader Top 200 with annual turnover of £210.3m. Harwoods is rated 19 with annual turnover of an estimated £516m. http://www.motortrader.com/motor-trader-ne...17-03-2016 |
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18th Mar 2016 12:16pm |
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| Pickles Member Since: 26 May 2013 Location: Melbourne Posts: 3752  
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Caffyns?...A long way from me, so what's the story with them,..Good, bad, or indifferent. Not good IMHO when a manufacturer, "decides not to renew...." . Anyone had experience with them?
Pickles. |
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18th Mar 2016 9:52pm |
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| SGH Member Since: 27 Sep 2010 Location: Hellingly-Sussex Posts: 1527
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Let's say I hope the staff are not included in the sale. 993 Varioram - Guards Red
Defender 2.5 300TDI 110 HCP - Keswick Green Defender 2.2 TDCI 130 HCP - Orkney Grey - GONE Discovery 4 SDV6 HSE LUX - Corris Grey/Black Pack - GONE Discovery 4 SDV6 HSE LUX - Montaciano Red/Black Pack - GONE |
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18th Mar 2016 10:23pm |
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| shaggydog Member Since: 12 Aug 2012 Location: Kent Posts: 3346 
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I have always had very good service from Harwoods Tonbridge
 Running Restoration Thread http://www.defender2.net/forum/post323197.html#323197
Self confessed mileage hunter  |
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18th Mar 2016 10:50pm |
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