Inchcape, the leading FTSE 250 global automotive distributor, has announced the sale of its UK retail operations for £346m to Group 1 Automotive UK, a subsidiary of New York-listed Group 1 Automotive, Inc. Inchcape's UK retail operation employs 3,600 people and sells vehicles from 81 sites. It also has 12 original equipment manufacturer (OEM) partners. Inchcape said it will use £100m of the proceeds to fund a share buyback, expected to be completed within 12 months. The balance will be "used to invest in future growth, through organic investment and value-accretive acquisitions."

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