Great Universal Stores Plc plans to close the 50 branches of General Guarantee Finance over the next three years because GUS has not received any acceptable offer for the motor-vehicle purchase unit of its finance division.
A unit of Abbey National Plc agreed to buy the other part of the division, Highway Vehicle Management of over $250 million.
The unit was put up for sale because the mail-order company wanted to focus on retailing, information services and e-commerce.
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