Partner Article

Vertu snaps up Midlands firm

FAST-GROWING North East motors group Vertu has swooped for a £7.7m-a-year dealership in the East Midlands in the latest in a string of acquisitions.

The Newcastle company, which has last month made its third and fourth Scottish acquisitions of the year for up to £2.5m, has snapped up a SEAT business in Derby.

The Group, which trades under the Bristol Street Motors brand, has purchased trade and certain assets from GK Group Limited provided that certain conditions are met.

The property is leasehold, and the consideration for this acquisition will not exceed £750,000.

In the year ended 31 December 2009, the Derby firm showed turnover of £7.7m and a pre-tax loss of £28,000.

The Board anticipates that the acquisition will be earnings enhancing in the first full year of ownership.

This acquisition is the second SEAT dealership to be added to the Group’s portfolio and will bring the total number of sales outlets in operation to 67.

Vertu CEO Robert Forrester said: “The group has made a substantial number of acquisitions in the last year which have been integrated into the Vertu Motors management and systems platform and are on track to provide a significant boost to the Group’s long term profitability.

He added that the acquisition would add to the company’s continued development.

This was posted in Bdaily's Members' News section by Ruth Mitchell .