The finance chief of Inchcape has abruptly quit the car dealership following a verbal incident at a recent company event.
The sale will result in an exceptional non-cash loss before tax of about 240 million pounds ($300 million), of which 140 million pounds is due to accumulated foreign exchange translation losses, Inchcape said. The company said the sale of the Russian business — which consists of retail-only operations, mainly for BMW Group, Jaguar Land Rover, Toyota and Volvo in Moscow — for 76 million euros ($79.92 million) is expected to close next month.