HR Owen says sales are racing ahead of Berjaya takeover deal

HR OWEN, the luxury car dealership that is on the verge of being taken private, said yesterday that trading has raced ahead of management expectations in the past three months.

The firm said used cars were selling particularly well, with volumes up a third on last year with improving margins.

A range of new upmarket models from the likes of Bentley also gave sales a boost, HR Owen added in a third-quarter update yesterday.

The update from HR Owen is likely to be the last before Berjaya Philippines buys the company in a £42m deal.

The company repeated its recommendation that shareholders accept the 170p per share offer, which is open until 11 October.

The Philippine investment group became HR Owen’s largest stakeholder during the summer and made its first approach at 130p per share in July before raising it last month.

Shares in the firm closed up 2.4 per cent at 171.5p yesterday.