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Gateshead’s Vertu Motors expands Farnell brand with £650k Leeds Jaguar acquisition

Gateshead-based car retailer Vertu Motors plc has acquired Leeds Jaguar from Inchcape Retail Limited for a sum of £650k.

The business will operate from its current premises in the short term and will then relocate to a newly developed site alongside the Group’s existing Leeds Land Rover operation.

For the year ended 31 December 2015, the management accounts of the business showed that it broke even during the period. Total consideration, which includes £500k of goodwill, is estimated at £650k and will be settled in cash from the Group’s existing resources.

The acquisition will reportedly complement the firm’s existing Land Rover dealership in Leeds and further extend the Farnell brand. Following completion, Vertu will operate five Land Rover dealerships and three Jaguar dealerships.

Robert Forrester CEO of Vertu, said: “We are delighted to be able to announce a further acquisition to augment our Jaguar Land Rover business in the North of England.

“Leeds Jaguar will complement our award-winning Land Rover operation in Leeds and will strengthen our Farnell brand in the North.

“The Jaguar brand is set for significant expansion given the fantastic new models that are being launched, such as the F-Pace. The line-up is now more extensive than in its entire history.”

Read Mr. Forrester’s Northern Powerhouse views in our ongoing series here.