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.
