14 January 2013
Vertu Motors plc ("Vertu" or "the Group")
Acquisition of Vauxhall Outlet in Keighley, Yorkshire
Vertu Motors plc, the fast growing automotive retailer with a network of 93 sales and aftersales outlets across the UK, is pleased to announce that it has acquired the business and certain assets of the Vauxhall outlet in Keighley which has been operated by Walter C Brigg. As part of the transaction Vertu has acquired a 15 year lease on the dealership property. The total estimated consideration is £1.1m, including £0.1m of goodwill. The consideration will be settled in cash from the existing resources of the Group.
This well established business will further extend Vertu's presence in the North of England linking with the Group's recently acquired Vauxhall dealership in Harrogate. Following the acquisition, and the acquisition of Carlisle Vauxhall on 8 January 2013, the Group now has 14 Vauxhall outlets.
For the year ended 30 September 2012 the statutory accounts of the acquired business showed a turnover of £8.2m and an operating profit of £0.1m.
Robert Forrester, CEO of Vertu Motors plc said:
"2013 has started with two acquisitions for the Group following on from a very strong period of growth in 2012. The acquired Keighley business increases the number of outlets in Yorkshire to six as we seek to grow scale in the region. Our newly acquired businesses will be integrated into the Vertu business to drive increased profitability and to generate shareholder value."
For further information please contact:
Vertu Motors plc |
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Robert Forrester, CEO |
Tel: 0191 491 2111 |
Michael Sherwin, FD |
Tel: 0191 491 2114 |
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Panmure Gordon (UK) Limited |
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Hugh Morgan |
Tel: 020 7886 2500 |
Callum Stewart Adam Pollock |
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Espirito Santo Investment Bank |
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Peter Tracey Jamie Richards |
Tel: 020 7456 9191 |
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FTI Consulting |
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Josephine Corbett |
Tel: 020 7831 3113 |
Notes to Editors
Vertu Motors is a fast growing automotive retailer with a network of 93 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, Citroen, Fiat, Ford, Honda, Hyundai, Iveco, Mazda, Mitsubishi, Nissan, Peugeot, Renault, SEAT, Suzuki and Vauxhall.
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 92 franchised sales outlets and 1 non-franchised sales operation from 76 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
