4 December 2017 – strategy update
Following the announcement in October, the group has now revealed an update on its strategy which will result in a sale of its US business and a reduction in the number of premium brand franchise locations over the next three years in the UK business. The reduction in the UK business will release £100m of capital over the next three years through disposal proceeds of certain branches and savings on capital expenditure which will no longer be required. The group will focus its efforts on its online used car business where it aims to double revenue by 2021. The group will also resume its share buyback programme. The news has gone down well with analysts and the shares remain a BUY.