Last checked at 1 Jul 2010 07:00
1 July 2010
Vertu Motors plc
("Vertu" or the "Group")
Completion of Macklin Motors Acquisition
Further to its initial announcement made on 9 June 2010, Vertu Motors plc is pleased to announce that it has formally completed the acquisition of two dual franchised Ford and Mazda dealerships in Glasgow and Hamilton, Scotland, through the purchase of the trade and certain assets of the business from Shields Automotive Limited. The consideration payable for these dealerships is £1.8m which will be settled in cash from existing resources. This is below the maximum consideration payable of £2.5m previously announced on 9 June 2010 due to lower than anticipated working capital growth during June.
Both businesses are now being rebranded Macklin Motors, which is the Group's brand established this year for current and future dealership acquisitions in Scotland.
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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 & 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 66 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 and SEAT.
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 62 franchised sales outlets, 4 non-franchised sales operations and 2 stand alone service operations from 57 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 the national network.
www.vertumotors.com
www.bristolstreet.co.uk
www.vertuhonda.com
www.motornation.co.uk
www.vertucareers.com
www.macklinmotors.co.uk