HR Owen has sold the group's three Audi dealerships to Spire Automotive Ltd, a management buy-out team headed by Darren Guiver.

The three Audi dealerships are located in Finchley Road, Hatfield and Whetstone. As at December 31, 2005, the business had gross assets of £10.2m and generated a profit of £0.5m before tax.

The total consideration for the business payable in cash is £4.7 million, of which £2 million is goodwill. The employees of the three dealerships will be transferred to Spire Automotive Ltd.

The proceeds from the sale will be used to pay off some of HR Owen's debts.