Toyota dealerships sold in £9.2m deal

Car retail giant Vertu has snapped up two East Midlands Toyota dealerships in a deal worth £9.2m.

The company has swooped for the Farmer & Carlisle business, which runs two outlets in Leicester and Loughborough.

For the year ended 31 December 2020, the business achieved revenues of £29.2m and a profit before tax of £600,000. Farmer & Carlisle will be rebranded to Vertu.

Robert Forrester, CEO of Vertu Motors, said: “We are delighted to announce the Group’s expansion with the much sought-after Toyota franchise. The addition of more Toyota sales outlets to the group’s portfolio has long been a strategic objective of the group since we envisage the brand gaining market share in the medium-term and being well positioned to take advantage of opportunities as the wider automotive sector evolves.”