Inchcape has acquired two motor retailers in Russia for approximately £21.6 million.

The dealer group has acquired a 75.1% shareholding in the retail businesses of OOO Orgtekhstroy (OTS), an Audi retail business in St Petersburg, and OOO Concord, a Peugeot retail business from its existing St Petersburg joint venture partner, Olimp Group.

In addition, Inchcape is investing £13m in the expansion of its Toyota Rustavelli site and the relocation of its current Lexus retail centre to a new flagship site in St Petersburg.

Inchcape said: “The acquisition increases our presence in St Petersburg, the second largest city in Russia, and is in line with the group's strategy to develop a scale position in Russia.

“It is another step in the implementation of the group's multi-brand retail footprint with its OEM brand partners, enabling it to have broad segment coverage of one of the fastest growing markets in the world.”

Andre Lacroix, group chief executive of Inchcape, said: "We are excited about this further expansion into the fast growing Russian market as well as the opportunity to work with brand partners Toyota, Lexus, Audi and Peugeot in St Petersburg.

“The acquisition and expansion provides us with a solid footprint to drive further consolidation as we take advantage of our strong local market understanding and management, our global OEM relationships and our unique global retail model for growth.

"I am particularly pleased that Inchcape is expanding with our existing partner Olimp Group. The partnership has proved extremely successful for both parties to date and we look forward to continuing the relationship.”

Inchcape first entered the Russian market in Moscow with a joint venture with Independence Group in March 2006.