Car dealership operator Inchcape said it was offloading its Russian business after the invasion of Ukraine made it “untenable” to operate in the country.
Inchcape’s business in Russia is a retail-only operation which contributed £750m of revenue in 2021 – around 10% of group sales.
The move follows that of tobacco giants BAT and Imperial Brands, which both said they were pulling out of Russia after its unprovoked invasion of its neighbour.
“In light of the current circumstances, we have concluded that the group’s ownership of its business interests in Russia is no longer tenable. Therefore, working in conjunction with our original equipment manufacturing partners, we have initiated a process to transition our Russian business.”
“We intend to do so in full compliance with international and local regulations and with the aim of safeguarding the continuing employment of our colleagues.”
The company added that it had been helping humanitarian efforts to help transport refugees from the borders to safe havens in its markets.
