Last checked at 5 Oct 2010 07:00
5 October 2010
Vertu Motors plc
("Vertu Motors" or the "Group")
Completion of Acquisition of Lookers North West Dealerships
Further to its initial announcement made on 28 September 2010, Vertu Motors plc, the 8th largest UK motor retailer, is pleased to announce that it has formally completed the acquisition of a Renault and Nissan business in Altrincham and a Ford and Renault business in Macclesfield through the purchase of the trade and certain assets from Lookers plc. The consideration for this acquisition is £3.5m which has been settled in cash from existing resources.
This acquisition brings the Nissan franchise to the Group for the first time and will bring the total number of sales outlets in operation to 74. The new dealerships are now being rebranded Bristol Street Motors.
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For further information please contact:
| Vertu Motors plc Robert Forrester, CEO Michael Sherwin, FD | Tel: 0191 491 2121
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Brewin Dolphin Corporate Advisory and Broking Alexander Dewar
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Tel: 0845 213 2076
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| Panmure Gordon (UK) Limited Andrew Burnett
| Tel: 020 7459 3600 |
| Financial Dynamics Caroline Stewart
| Tel: 020 7831 3113
|
Notes to editors
Vertu Motors plc is the 8th largest motor retailer in the United Kingdom with 74 sales outlets forming a national network, operating predominantly under the Bristol Street Motors, Bristol Street Motor Nation, Vertu Honda and Macklin Motors brand names. Manufacturer partners are Citroen, Ford, Iveco, Honda, Hyundai, Mazda, Peugeot, Renault, Vauxhall, Chevrolet, Fiat, SEAT, Mitsubishi and Nissan.
Vertu Motors was established in November 2006 with the aim of consolidating the UK motor retail sector. The Group listed on AIM in December 2006.
The Group currently operates 70 franchised sales outlets, 4 non-franchised sales operations and 2 stand alone service operations from 61 locations. 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.
www.vertumotors.com
www.bristolstreet.co.uk
www.vertuhonda.com
www.motornation.co.uk
www.vertucareers.com
www.macklinmotors.co.uk