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£18.7m acquisition sees Gateshead’s Vertu Motors add Toyota to the group

Vertu Motors has this morning revealed an £18.7m acquisition of Gordon Lamb Group Limited, which operates motor dealerships in Chesterfield and in Derby.

In March earlier this year the Gateshead-based automotive retailer, which boasts a network of 132 sales and aftersales outlets across the UK, set out a strategy to grow its range of franchises.

This deal, which includes Gordon Lamb’s subsidiaries, including Gordon Lamb Limited, brings Toyota under Vertu’s banner. The transaction was made up of £8.3m of goodwill and brings freehold properties valued at £7.5m into the group.

For the year ended 31 December 2015, Gordon Lamb achieved consolidated revenues of £85.8m. The Vertu board expects this acquisition to be earnings enhancing in its first full year of ownership.

Robert Forrester, CEO of Vertu Motors, said: “Gordon Lamb is a much respected and well established business operating in Derbyshire, a core territory of ours.

“It is a business we have long admired and I am delighted to welcome them to the Vertu Group. I see a very clear cultural, strategic and business fit.

“We are delighted and excited to commence representing Toyota under the Vertu Toyota brand adding yet another first class franchise to our business.”