Last checked at 8 Dec 2011 10:04
8 December 2011
Vertu Motors plc
("Vertu Motors" or the "Group")
Appointment of Non-Executive Director
Vertu Motors plc, the fast growing automotive retailer with a network of 82 sales and aftersales outlets across the UK, is pleased to announce the appointment of Nigel Stead as an independent Non-Executive Director with immediate effect.
Nigel, aged 62, was until recently CEO of Lex Autolease, the UK's largest contract hire and leasing group. He has also been a Non- Executive Director of Motability Operations Group plc and Universal Salvage plc. Nigel is currently a Director of the British Vehicle Rental and Leasing Association and a Non-Executive Director of Prohire plc and Merrion Fleet Management Limited.
Commenting on his appointment, Nigel Stead said:
"I am pleased to be joining the Board of Vertu Motors having admired its consistent growth record over the last five years. I intend to utilise my skills and experience in the motor industry to help the Group to evaluate opportunities as it continues to expand and grow."
Paul Williams, Non-Executive Chairman of Vertu Motors plc said:
"We are delighted that Nigel has joined our Board as an independent Non-Executive Director. Nigel brings with him vast motor sector experience which will be invaluable to the Group as we continue to grow, both organically and through acquisition. Corporate governance is very important to the Group and we feel that, as we develop, our Board needs to have the right mix of skills, experience and independence."
Current Directorships/Partnerships
Prohire plc
Merrion Fleet Management Limited
Other directorships held in the past five years
Lex Autolease Limited and subsidiaries
Fleet Synergy International
British Vehicle Rental and Leasing Association Motability Operations Group plc
Universal Salvage plc
Nigel Stead does not hold any ordinary shares in Vertu Motors.
Save for the above, there is no further information required to be disclosed under paragraph (g) of Schedule 2 of the AIM Rules for Companies, with respect to the appointment of Nigel Stead.
- Ends -
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 | |
Andrew Burnett | Tel: 020 7459 3600 |
Callum Stewart | |
Brett Jacobs | |
FTI Consulting (formerly FD) | |
Caroline Stewart | Tel: 020 7831 3113 |
Notes to Editors
Vertu Motors is a fast growing automotive retailer with a network of 82 sales and aftersales outlets across the UK. Its dealerships operate predominantly under the Bristol Street Motors, Vertu Honda and Macklin Motors brand names. Manufacturer partners are Alfa Romeo, Chevrolet, Chrysler Jeep, Citroen, Fiat, Ford, Honda, Hyundai, Iveco, Mazda, Mitsubishi, Nissan, Peugeot, Renault, SAAB, SEAT and Vauxhall. The Group also now operates the Bristol Street Versa Mobility vehicle conversion business.
Vertu Motors was established in November 2006 and listed on AIM on December 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 79 franchised sales outlets and 3 non-franchised sales operations from 65 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.motornation.co.uk / www.macklinmotors.co.uk