Last checked at 11 Aug 2009 07:00
11 August 2009
Vertu Motors plc
("Vertu Motors" or the "Group")
Appointment of Non-Executive Director
Vertu Motors plc, the 9th largest UK motor retailer, is pleased to announce the appointment of David Malcolm Forbes as an independent Non-Executive Director, with effect from 11 August 2009.
David, aged 49, is currently a Managing Director at Rothschild, where he has developed his career over the last 20 years. He qualified as a Chartered Accountant in 1984 and since then has worked for a number of organisations in corporate finance roles. His areas of expertise include mergers & acquisitions, corporate strategy and corporate finance, involving both debt and equity.
Commenting on his appointment, David Forbes said:
"I am pleased to be joining the board of Vertu Motors at such an exciting time in the Group's growth. I hope to be able to utilise my skills and experience to best help the Group evaluate opportunities as it continues to expand and grow."
Paul Williams, Non-Executive Chairman of Vertu Motors plc said:
"We are delighted that David has joined our board as an independent Non-Executive Director. David brings with him vast corporate finance and M&A 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
NM Rothschild & Sons Corporate Finance Ltd
Northern Ballet Theatre Ltd
Zero Paper LLP
Other directorships held in the past five years
1st Express Couriers Limited
1st Express Couriers Limited was subject to a creditors' voluntary winding up on 20 March 2007 and dissolved on 1 August 2008.
Other than as set out above, there is no further information required to be disclosed under paragraph (g) of Schedule 2 of the AIM rules.
- 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 52 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 48 franchised sales outlets, 4 non-franchised sales operations and 2 stand alone service operations from 48 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