The Colt Car Company Ltd managing director, Lance Bradley 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 is a Japanese business specialising in car retailing and after sales. They are listed on the stock exchange in Japan. VT Holdings have 125 dealerships in Japan representing brands including Honda, Nissan, Ford and Jaguar. VT Holdings also has Suzuki, Fiat, Alfa Romeo and Peugeot dealerships in South Africa. VT Holdings has set out a plan to establish themselves in Europe, and purchasing the CCR Group is their first step along this path.

VT Holdings sees huge potential from the purchase of CCR. The current Mitsubishi range of cars, SUVs and the L200 pickup truck offers an excellent opportunity to them. The future is also looking bright as Mitsubishi is introducing 2 new models later this year and a range of Plug in Hybrid Vehicles from early 2013.

Bradley continued: 'I am delighted that VT Holdings have chosen Mitsubishi as their entry into the European market. It is a real endorsement of the product we already have and future products arriving later this year.'