Marshall Motor closes car dealerships

Marshall Motor Holdings has announced the proposed closure of five franchised dealerships and one used car centre.

In the year ending 31 December 2017 the dealerships are expected to make a combined revenue contribution of approximately £40m and a pre-tax loss of approximately £1.3m, the company said.

Closure costs are expected to be approximately £6m, including £2m of non-cash items.

The cash closure costs will, in due course, be partly offset by the disposal of a surplus freehold property and the realisation of working capital and disposal of stock held in the dealerships, it added.

At 10:00am: (LON:MMH) Marshall Motor Holdings PLC share price was -1.5p at 157.5p