Vertu Share News (VTU)

Britain's ninth largest motor retailer Vertu Motors has bought bits of Brooklyn Motor from administrative receivership for up to £9m.The assets acquired include four franchised outlets and an authorised repairer for £7.9m. The enterprise value of those businesses is put at £7.1m."There is considerable scope to integrate these dealerships onto Vertu's scalable platform, and these are excellent volume franchises that strengthen the Group's portfolio balance," said chief executive Robert Forrester.Vertu will use some of the £30m raised from a placing earlier this month to fund the acquisition. It says the deal is immediately earnings enhancing.Following the acquisition of the assets, Vertu Motors will operate 45 franchised operations, four non-franchised and two standalone service operations.