Last checked at 4 Jan 2010 07:00
4th January 2010
Vertu Motors plc ("Vertu" or the "Group")
Appointment of Finance Director
Vertu Motors plc, the 9th largest UK motor retailer, is pleased to announce the appointment of Michael Sherwin as Finance Director. This Board appointment will be effective as of 25th February 2010. Upon his arrival he will replace Karen Anderson, who will cease to be a director of Vertu Motors and will become Company Secretary of the Group from the same date.
Michael, aged 50, has extensive retail, transactional and public market experience. From 1999 to 2008, Michael was Group Finance Director of Games Workshop Group PLC, a FTSE listed consumer goods company. As an executive director, Michael led a restructuring programme and developed the finance function.
Michael joins Vertu from Courtaulds (UK) Limited, a private UK based clothing supplier, where he has been Finance Director since May 2009 and has overseen the successful restructuring and refinancing of the business.
Michael is a qualified Chartered Accountant having trained with Price Waterhouse, where he held positions in the UK, Paris and Sydney. He was also Non-Executive Director of Plusnet plc, an AIM listed internet business, from 2004-2007.
Paul Williams, Chairman of Vertu Motors said:
"Michael is an exceptional candidate for this role and has extensive knowledge and skills to bring to the Group. We are particularly impressed by his experience of working in growing listed businesses. We know that he will be a key member of the team as we drive the scalability and growth prospects while consolidating our position as a leading UK motor retail group."
Save as disclosed at the end of this announcement, 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 |
| 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 58 dealerships forming a national network across England, operating under the Bristol Street Motors and Bristol Street Motor Nation 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. In March 2007, the Group acquired the 13th largest motor retailer in the United Kingdom, Bristol Street Motors.
The Group currently operates 54 franchised sales outlets, 4 non-franchised sales operations and 2 stand alone service operations from 50 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
Michael Sherwin - Information required under Schedule Two, paragraph (g) of the AIM Rules
Current directorships/partnerships:
Nottingham High School
Other directorships held in the past five years:
Games Workshop Group plc
Games Workshop International Limited
Citadel Miniatures Limited
Flame Publications Limited
G.W. Books Limited
G.W.P.B.M. Limited
Games Workshop Deutschland Limited
Games Workshop Limited
Games Workshop Plastics Limited
Games Workshop Publications Limited
Games Workshop Tooling Limited
Games Workshop Trustee Limited
Marauder Miniatures Limited
Warhammer Historical Wargames Limited
Warhammer Music Limited
Warhammer Records Limited
Games Workshop Retail Limited
Warhammer Online Limited
Games Workshop Interactive Limited
Games Workshop US (Holdings) Limited
Plusnet plc
Plusnet EBT Limited