Last checked at 2 Nov 2009 08:47
2 November 2009
Vertu Motors plc
("Vertu Motors" or the "Group")
Acquisition of Vauxhall dealership
Vertu Motors plc, the 9th largest UK motor retailer, announces that the Group today acquired the trade and assets of Lichfield Vauxhall for a cash consideration of approximately £2.78m from Steve Thompson Cars Limited. This includes the purchase of a freehold property for £1.675m.
The Lichfield dealership is located in close proximity to other Group dealerships in the West Midlands such as Stafford Ford and Burton Citroen. The acquisition again strengthens the Bristol Street Motors brand in its heartland of the West Midlands and increases the number of Vauxhall dealerships held by the Group to 7.
Robert Forrester, CEO of Vertu Motors said:
"We are pleased to add a further business to the Group bringing our total number of sales outlets up to 55, and our number of Vauxhall dealerships to 7. The acquisition further strengthens the regional concentration of the Bristol Street Motors brand in the West Midlands area.
"The Lichfield Vauxhall business fits in well with our stated strategy of building a successful, scalable motor retail group delivering shareholder value and we continue to evaluate further growth opportunities that the current market conditions present."
- Ends -
For further information please contact:
| Vertu Motors plc | |
| Robert Forrester, CEO | Tel: 0191 206 4617 |
| Karen Anderson, FD | Tel: 0191 298 6514 |
| Brewin Dolphin Investment Banking | |
| Andrew Kitchingman | Tel: 0845 270 8613 |
| Sean Wyndham-Quin | |
| Panmure Gordon (UK) Limited | |
| Andrew Burnett | Tel: 020 7459 3600 |
| Stuart Gledhill | |
| Financial Dynamics | |
| Caroline Stewart | Tel: 020 7831 3113 |
| Edward Westropp |
Notes to editors
Vertu Motors is the 9th largest motor retailer in the United Kingdom with 55 dealerships forming a national network across England, operating under the Bristol Street Motors and Bristol Street Motor Nation brand names. Manufacturing partners include Citroen, Ford, Iveco, Honda, Hyundai, Mazda, Peugeot, Renault, Vauxhall and Chevrolet.
Vertu Motors was established in November 2006 with the aim of consolidating the UK motor retail sector. The company listed on AIM in December 2006. In March 2007, the Group acquired the 13th largest motor retailer in the United Kingdom, Bristol Street Motors.
Senior management are experienced within the sector, having previously held senior positions within Reg Vardy and CD Bramall. The Group has consistently outperformed the market since its first acquisition.
The Group currently operates 51 franchised sales outlets, 4 non-franchised sales operations and 2 stand alone service operations from 49 locations. It is intended that the Company will continue to acquire motor retail operations to grow a scaled dealership group. The Company's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through the national network.
www.vertumotors.com
www.bristolstreet.co.uk
www.vertuhonda.com
www.motornation.co.uk