Vertu beats market forces to accelerate growth plans
VEHICLE retailer Vertu Motors this morning said a spike in used car sales had helped to offset the post-scrappage scheme plunge in new vehicle sales, while its strong balance sheet will see it continue the rapid rise to power it has enjoyed in recent years.
The Gateshead firm, which is now the 8th largest motor retailer in the country, said it is well placed for future growth after seeing used car sales jump by 9.6% in the five months to 31 January.
While new car sales slumped 6% during the period – as registrations for new vehicles in the UK dropped 26% following the end of the Government’s scrappage scheme in March 2010 – it increased its portfolio of sales outlets from 67 to 75.
Vertu also confirmed the £1.5m acquisition of £7m-a-year retailer Patricks of Durham, which operates the Vauxhall franchise in Durham, and said it expects it to be profitable from the outset.
“The group remains in a strong position to undertake future consolidation activity, with a net cash position, a strong balance sheet and increased bank facilities now in place to fund further growth,” the company said ahead of its preliminary results for the year.
Vertu started life in 2006 and trades under the names Bristol Street Motors, Macklin Motors, Vertu Honda and Bristol Street Motor Nation.
Later this month it will open the largest Hyundai showroom in the UK in Nottingham.
This was posted in Bdaily's Members' News section by Ruth Mitchell .
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