Mitsubishi Motors UK has sold its 11 site owned retail group Colt Car Retail Group (CCR) to listed Japanese automotive retail company VT Holdings for an undisclosed sum.

VT Holdings has 125 dealerships across Japan representing brands including Honda, Nissan, Ford and Jaguar. VT Holdings also has Suzuki, Fiat, Alfa Romeo and Peugeot dealerships in South Africa.

Lance Bradley, managing director of The Colt Car Company, the sole distributor of Mitsubishi Motors in the UK, said: “VT Holdings approached us last summer, explaining that they were looking to establish themselves in the UK and that they would be interested in buying CCR.

“At the time we were not actively seeking to sell CCR. When we did our research, however, we became aware of the very good reputation VT Holdings have in other parts of the world and recognised the benefits they could bring us.”

VT Holdings has set out a plan to establish itself in Europe, and purchasing the CCR Group is their first step along this path.

This latest acquisition is not the first time Japanese businesses have entered the UK automotive retail market.UK dealer group Jemca Car Group is owned by Toyota Tsusho Corporation and Norton Way Motors and RRG Group are both owned by Japanese holding company Marubeni Corporation.