Last checked at 3 Feb 2014 07:00
3 February 2014
Vertu Motors plc ("Vertu Motors" or the "Group")
Acquisition of Nissan and Volvo outlets in Sheffield
Vertu Motors plc is pleased to announce that it has acquired the trade and certain assets of a dealership in Sheffield, which operates two sales outlets representing Nissan and Volvo, from Harratts of Wakefield Limited. The assets acquired include a freehold property valued at £1.75m. Total consideration is estimated at £2.4m and will be settled in cash from the Group's existing resources. No goodwill is payable on this transaction.
This transaction increases the Group's representation with Nissan to nine outlets making the Group one of Nissan's largest UK franchise partners, and the new Volvo outlet adds to the existing Derby Volvo dealership opened in 2013. The Group now operates a total of 106 sales and aftersales outlets across the UK.
Robert Forrester, CEO of Vertu Motors said:
"We are delighted to announce the next step in our growth with both Nissan and Volvo. This is the first time the Bristol Street Motors brand has been represented in the city of Sheffield, which is the fifth largest in the UK. The new outlets will complement existing Group businesses in the region in Barnsley, Doncaster and Chesterfield, and brings the number of outlets in Yorkshire to 12.
"We are continuing to develop the Group by adding to existing franchise relationships as well as exploring new manufacturer partners. This acquisition increases the Group to 106 sales and aftersales outlets and will enable us to continue to generate profitable growth for our shareholders."
For further information please contact:
Vertu Motors plc | |
Robert Forrester, CEO | Tel: 0191 491 2111 |
Michael Sherwin, FD | Tel: 0191 491 2114 |
Panmure Gordon (UK) Limited | |
Hugh Morgan | Tel: 020 7886 2500 |
Callum Stewart | |
Liberum Capital Limited | |
Peter Tracey Jamie Richards
| Tel: 020 3100 2000 |
FTI Consulting | |
George Parker
| Tel: 020 7831 3113 |
Notes to Editors
Vertu Motors is the sixth largest automotive retailer in the UK with a network of 106 sales and aftersales outlets across the UK. Its dealerships operate predominantly under the Bristol Street Motors, Vertu, Farnell Land Rover and Macklin Motors brand names.
Vertu Motors was established in November 2006 with the strategy to consolidate the UK motor retail sector. It is intended that the Group will continue to acquire motor retail operations to grow a scaled dealership group. The Group's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through its national dealership network. The Group currently operates 104 franchised sales outlets and 2 non-franchised sales operations from 86 locations across the UK.
Vertu Motors Group websites - www.vertumotors.com / www.vertucareers.com
Vertu Motors brand websites - www.bristolstreet.co.uk / www.vertuhonda.com / www.macklinmotors.co.uk / www.farnelllandrover.com / www.vertuvolkswagen.com
The information contained within this announcement is not required to be notified by the AIM Rules for Companies or other legal or regulatory requirement.