9 Dec 2021 09:08
9 December 2021
CIP MERCHANT CAPITAL LIMITED
("CIP Merchant Capital" or the "Company")
Divestment of Vertu Motors plc
CIP Merchant Capital is pleased to announce that it has sold its interest in Vertu Motors plc (LSE:VTU) ("Vertu"), the AIM quoted new and used car dealership operating in the UK, for a total consideration of approximately £1.0 million, resulting in a net profit of £0.4 million for the Company (the "Divestment").
The Divestment constitutes the Company's third exited investment and corresponds to a 1.6 times cash on cash return, representing an internal rate of return of 108%, following the Company's initial investment in Vertu announced on 4 May 2021.
For the year ended 27 February 2021, Vertu reported a net profit after tax of £16.3 million and had net assets of £275.9 million.
For further information, please contact:
Merchant Capital Manager Limited (Investment Manager) Wikus Van Schalkwyk
| +44 1481 749 363 |
Strand Hanson Limited (Financial & Nominated Adviser and Broker) James Bellman / Matthew Chandler / Ritchie Balmer | +44 20 7409 3494 |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018.