Inchcape has completed its acquisition of a 75.1% shareholding in the Toyota/Lexus retail and service business of Axel Car in St Petersburg.

The acquisition of Axel is the first step in Inchcape’s expansion strategy for Russia, which it has identified as one of its most important growth markets for the future.

Inchcape will also be opening two Toyota retail and service centres in Moscow. This would be a joint venture with the Independence Group of Companies, a Moscow independent car retailer. The centres are under construction and scheduled to be open in the second half of this year.

Andre Lacroix, group chief executive of Inchcape, said: "I am delighted that we have now formally arrived in the Russian market. Axel Car is a well established and successful business and provides us with an excellent entry into the key growth market of St Petersburg.

"Together with the joint venture in Moscow we now have two strong anchor points in Russia and are extremely well placed to build a profitable scale business there. We have identified Russia as one of our most important growth markets, and one in which we continue to explore further investment opportunities."