Vertu Motors

16/1/2020

The Vertu Motors group is growing its presence in the Yorkshire automotive retail market following the acquisition of four Volkswagen dealerships from a trading subsidiary of Sytner Group Limited.

The purchase of the four dealerships, located in Leeds, Huddersfield, Harrogate and Skipton, further builds the Group’s Vertu Volkswagen brand, which now features nine outlets.

Acquired from Goodman Retail Ltd for a total estimated consideration of £8.8m, the dealerships offer the full range of Volkswagen passenger car services including new & used sales, service and repair. The Huddersfield and Harrogate outlets also feature body shops.

The dealerships will be integrated into the Vertu Volkswagen brand, which will support growth in their business performance. The Vertu Motors plc Board expects the acquisition to be earnings enhancing in the first full year of ownership, building on the dealership’s previous financial performance. For the year ended 31 December 2018 the combined management accounts of the four dealerships report revenues of £112m and a profit before tax of £0.6m.

The acquisition also further enhances Vertu Motors portfolio in Yorkshire, complementing the Group’s existing 13 outlets serving the Nissan, Renault, Jaguar, Land Rover, Vauxhall and Honda brands.

As a result of the acquisition, the Group’s network of sales and aftersales outlets across the UK has increased to 127 sites.

Robert Forrester, CEO of Vertu Motors, said: “The addition of these excellent dealerships augments the Group’s representation of the Volkswagen brand and expands our operational footprint in Yorkshire.

“The acquisition also reflects the Group’s strategy to continue to grow a significantly scaled franchised dealership business built on the back of a strong balance sheet, scalable operational systems and excellent relationships with its Manufacturer partners.”

ENDS

NEWS RELEASE: ISSUED ON BEHALF OF VERTU MOTORS

CONTACT: Caroline Walker on 01325 363436

Notes to editors:

Vertu Motors plc (which trades under the Bristol Street Motors, Macklin Motors, Vertu Toyota, Vertu Honda, Vertu Volkswagen, Vertu Mercedes-Benz, Farnell Jaguar Land Rover and Hughes Group brands) was formed in late 2006 to acquire and consolidate UK motor retail businesses. The group was founded as a new entrant into the UK motor retail sector and is listed on the AIM market (UK:VTU).

In 2017, the Group became the first major UK motor retailer to offer customers the ability to purchase a used vehicle entirely online with the launch of Bristol Street Motors Buy Online, this was followed by Macklin Motors Buy Online. The platform enables customers to buy a used vehicle in as little as five minutes if they have the funds in place, arrange financial packages if they don’t, and have the vehicle delivered to any UK mainland home address.

Since flotation in December 2006, the Group has established itself as a major player in the United Kingdom automotive retail sector. The Group currently operates 124 franchised sales outlets and 3 non-franchised sales operations from 108 locations across the UK.

www.bristolstreet.co.uk/buy-online/

https://www.macklinmotors.co.uk/buy-online/

Find us on Twitter:

Vertu Motors / @vertumotors

Bristol Street Motors / @BristolStMotors

Macklin Motors / @MacklinMotors

Vertu Honda / @Vertuhonda

Vertu Toyota / @VertuToyota

Vertu Volkswagen / @VertuVolkswagen

Vertu Specialist Cars / @VertuSpecialist

Vertu Mercedes-Benz / @Vertu_MB

Farnell Jaguar / @FarnellJaguar

Farnell Land Rover / @FarnellLRover

Hereford Audi / @HerefordAudi

Hughes Mercedes- Benz/ @HughesMercBenz

Find us on Facebook:

Bristol Street Motors / @bristolstreetmotors

Macklin Motors / @macklinmotors

Vertu Honda / @VertuHondaLtd

Vertu Toyota / @vertutoyota

Vertu Volkswagen / @VertuVolkswagen

Vertu Specialist Cars / @VertuSpecialistCars

Vertu Mercedes-Benz / @VertuMercedesBenz

Farnell Jaguar / @FarnellJaguar

Farnell Land Rover / @FarnellLandRover

Hereford Audi / @HerefordAudi