Vertu Motors makes second acquisition of the year
Car dealership owner, Vertu Motors, has announced the acquisition of a Vauxhall outlet in Keighley, West Yorkshire, for a consideration of £1.1m.
The purchase follows a string of agreements last week in the Carlisle region to take on a network of outlets from Nissan and SEAT.
Vertu Motors, which also operates as Bristol Street Motors, acquired the entirety of the business and its assets, including a 15 year lease on the dealership property.
Announced on the London stock exchange on Monday, the deal will be settled in cash with existing resources from the Group, with a £0.1m goodwill offering included in the price.
The firm said this transaction was part of a strategy to expand its network in the North of England, and the outlet bought will be strongly linked to an existing site in Harrogate.
Robert Forrester, CEO of Vertu Motors plc said: “2013 has started with two acquisitions for the Group following on from a very strong period of growth in 2012.
“The acquired Keighley business increases the number of outlets in Yorkshire to six as we seek to grow scale in the region.
“Our newly acquired businesses will be integrated into the Vertu business to drive increased profitability and to generate shareholder value.”
“The former Walter C Brigg dealership in Keighley has a great reputation for customer service and its colleagues based at the dealership have in-depth industry knowledge.”
“We have built a recognised brand in Bristol Street Motors, delivering the best service to customers and operating a successful business built on honesty and trust.
“This acquisition represents a great opportunity for the Group to develop its relationship with Vauxhall and to represent the Vauxhall brand in this area.”
For the year ending 30th September, Vertu Motors announced a turnover of £8.2, and an operating profit of £0.1m.
This was posted in Bdaily's Members' News section by Miranda Dobson .
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