A Family Affiar

December 6th, 2021

Sir Kyffin Simpson, Founder of Barbados’ leading Automotive Dealer - Simpson Motors & prominent Regional Automotive Distributor – ITC – announced today an agreement to complete a Business Combination between ITC & Simpson Motors and Inchcape Plc – the world’s largest global automotive distributor, operating in 36 territories, across six continents.

“We are delighted to announce an exciting and transformational development for our Automotive Group that will propel the business into a new and important chapter in its history that will strengthen, secure and expand the business for the future.

I am exceptionally pleased to announce the coming together of ITC and SML with Inchcape that will ensure an exciting and dynamic future for everyone. With a desire to continue to develop and grow the business through expansion in new areas, I am extremely blessed to bring in our good friends at Inchcape to the Caribbean. I have long admired Inchcape as a group with their futuristic vision and energy.

Having spent considerable years working with our team to build our business, it was very important to find a suitable steward for the next chapter and I truly believe Inchcape is the ideal group to take the business into this next important phase of growth and expansion.

We have had a long association with Inchcape and my dear wife Roberta who we sadly lost recently, was related to the Inchcape Family– the founders of the business. So the ties are very personal and this is a wonderful tribute to Roberta as this is truly a family affair!

I am very confident that this coming together will provide the necessary scale and mass to propel the business into the future. Inchcape’s vast experience and global reach will provide our customers, partners and Dealers tremendous benefits and offer incredible opportunities to our wonderful team.

I pray God’s richest blessings on these companies as we enter this new and important chapter.”

Duncan Tait, Group CEO Inchcape plc said: “On behalf of all of us at Inchcape I would like to say that we are delighted to enter the Caribbean in this agreement with ITC and Simpson Motors. We are excited and looking forward to working with the team to take this fantastic business forward on the next stage of its growth and transformation journey. I would like to add my thanks to Sir Kyffin and a very warm welcome to our new colleagues as they join the Inchcape family.”

This transaction is subject to the receipt of customary third-party consents and regulatory approvals.

Sir Kyffin indicated that business will operate as usual and that his team will continue to work closely with their customers and partners and dealers in Barbados and across the Caribbean, with the same vigour and dedication and with the added excitement of what the future will bring

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Simpson Motors Limited