Caffyns PLC
28 July 2005
FOR IMMEDIATE RELEASE
CAFFYNS PLC
CHAIRMAN'S STATEMENT TO AGM
JULY 2005
At the 96th Annual General Meeting of the Company held today, the Charman, Mr
Brian Carte, commented as follows:
Trading in our first quarter was inevitably impacted by the ongoing
refranchising of the MG Rover business but I am encouraged by overall sales
activity in July.
Our provisions to cover the demise of MG Rover are proving prudent and have
enabled us to make a quick and controlled exit from the franchise.
We have closed two small MG Rover dealerships and they have been marketed for
sale attracting strong interest. The remaining six sites are in the process of
being refranchised.
As I mentioned in my Chairman's Statement, Robert Caffyn retired on 1 June 2005
and I would again like to pay tribute to his considerable contribution and thank
him for all his advice over the years.
Although, the economic outlook remains uncertain, we are making good progress
not only with our refranchising activity but also with our redevelopment work
and assimilation of new dealerships into the Group.
We will continue to focus on these issues during a year which is expected to be
difficult, to ensure we emerge stronger and better placed to enjoy the
anticipated improved outlook in 2006.
END
This information is provided by RNS
The company news service from the London Stock Exchange
28 July 2005
FOR IMMEDIATE RELEASE
CAFFYNS PLC
CHAIRMAN'S STATEMENT TO AGM
JULY 2005
At the 96th Annual General Meeting of the Company held today, the Charman, Mr
Brian Carte, commented as follows:
Trading in our first quarter was inevitably impacted by the ongoing
refranchising of the MG Rover business but I am encouraged by overall sales
activity in July.
Our provisions to cover the demise of MG Rover are proving prudent and have
enabled us to make a quick and controlled exit from the franchise.
We have closed two small MG Rover dealerships and they have been marketed for
sale attracting strong interest. The remaining six sites are in the process of
being refranchised.
As I mentioned in my Chairman's Statement, Robert Caffyn retired on 1 June 2005
and I would again like to pay tribute to his considerable contribution and thank
him for all his advice over the years.
Although, the economic outlook remains uncertain, we are making good progress
not only with our refranchising activity but also with our redevelopment work
and assimilation of new dealerships into the Group.
We will continue to focus on these issues during a year which is expected to be
difficult, to ensure we emerge stronger and better placed to enjoy the
anticipated improved outlook in 2006.
END
This information is provided by RNS
The company news service from the London Stock Exchange