Inchcape sells UK retail ops to Group 1 Automotive for £346m, focusing on growth and shareholder returns.

Inchcape has agreed to sell its UK retail operations to Group 1 Automotive for £346m. The deal, expected to be completed in the third quarter, will see Inchcape focus on being a "higher margin, capital-light, cash generative, diversified, scalable and global distribution business." The sale proceeds will be used to fund future growth and return £100m to shareholders via a share repurchase over the following 12 months.