The dealer group initially acquired a 75.1 per cent share in the Toyota/Lexus business from its joint venture partner Olimp Group in August 2006 for £34.5m but has now completed the deal.

Inchcape said the acquisition was in line with its strategy of developing a “scale position” in the Russian new car market. “The foreign car market grew by 64 per cent in 2007 and we now have 100 per cent ownership of one of the largest automotive retail businesses in St Petersburg,” said Andre Lacroix, Inchcape chief executive. “The group will be progressing with the expansion of this exciting business, including an investment in the development of two new sites in St Petersburg for Toyota and Lexus.” Meanwhile, Inchcape has appointed Graham Pimlott to the board as a non-executive director. Pimlott was deputy chairman with real estate group Hammerson until December 2005 and is currently chairman of the Export Credit Guarantee department. He has also worked for Barclays and Tesco.