The deal covers 38 franchised dealerships, trading as Dutton-Forshaw and Dovercourt in England and Wales and as Savilles Auto Village in Northern Ireland.

Representing 14 volume and prestige manufacturers and with principal mainland territories in the North-east, London, Essex, North-west and South-west, the group's annual turnover was reported as £499.1m.

Maurice Rourke, who has held senior posts with Inchcape, DaimlerChrysler and Autologic Holdings, has been appointed managing director.

The acquisition will enable Lloyds TSB to sell a proportion of the 70,000 used vehicles it currently disposes of each year through auctions. The company says the arrangement and will also provide an additional channel for sourcing new cars for its contract hire operation and banking customers. Rolls-Royce Phantom wows the world while retailers fill their order books. It's been shown to the world's motoring press and is the star of the Detroit Show - but UK customers will have to wait until at least April to get behind the wheel of BMW's all-new Rolls-Royce Phantom.

Rolls-Royce Motor Cars, the company established by BMW to assemble the 6.75-litre V12 engined luxury saloon at Goodwood in Sussex, has announced an ex-works, ex-taxes price of 320,000 Euros (£208,000). Orders have been 'flooding in' since private showings began last March.

Between the six official British Rolls-Royce retailers, the manufacturer expects to sell about 200 Phantoms a year. Dealers are HR Owen in central London; Sytner in Manchester; Sunningdale Carriage Company in Sunningdale, Berkshire; P&A Wood at Great Easton, Essex, Rydale Central in Birmingham; and The Dunedin Motor Company in Edinburgh.