Inchcape plc has completed the sale of five of its six Volvo franchised retail businesses to Mill Garages North East Limited for £3 million cash.

Inchcape will still own the relevant properties which will be subject to a market rent.

André Lacroix, group chief executive of Inchcape, said: "This disposal is in line with the group's strategy of streamlining the UK business.

"We will re-allocate the proceeds into our fast growing emerging markets businesses."