Luxury vehicle retailer Forza has resumed its expansion after being forced to sell its Hyde Park BMW dealership and delisting from the local bourse at the beginning of the year.

Luxury vehicle retailer Forza has resumed its expansion after being forced to sell its Hyde Park BMW dealership and delisting from the local bourse at the beginning of the year.

CARtoday.com reported in October that BMW SA, in a move to improve profitability of retail outlets and offer more opportunities for empowerment partners by reducing the number of dealerships owned by major retail groups, ordered Forza to sell its dealership at Hyde Park.

At the time, Forza sold about 13 per cent of the BMWs on the South African market. The Hyde Park dealership was sold to empowerment group Fulloutput for R44,3 million and “triggered a decision for a planned management buyout and delisting of the company”, Forza chief executive David McAlpin said.

Forza's main business is the Investment Cars exotic used car retail chain, which is established in Johannesburg and Cape Town, and is about to launch in Hatfield, Pretoria.

McAlpin said that since the management buyout that facilitated the delisting, in co-operation with major shareholder Corpcapital, "we are exploring other growth opportunities. However, there is nothing on the immediate horizon."

He added that the management buyout and delisting won unanimous support from shareholders because Forza's credentials as a listed company “were not very impressive once the group's activities decreased with the sale of the Hyde Park dealership”.

Original article from Car