Co-op looks to off-load car dealerships
THE Co-op’s car dealership arm is in talks to sell three of its showrooms to Vertu Motors.
Vertu, based in Gateshead, is looking to buy sites in Bradford, Derby and Ilkeston, Derbyshire.
If the sale goes through it will leave the Co-operative Motor Group with six dealerships in Bradford, Leeds, Keighley, Nottingham and Guiseley where there are two.
In a statement the group said: “I can confirm that we are in talks with Vertu about the proposed sale of our Bradford (Renault and Nissan), Derby (Renault, Fiat, Nissan, and Mazda) and Ilkeston (Nissan, Peugeot and Renault) motor dealerships.
“As with any large organisation, we keep our portfolio of businesses under continuing review, and these motor dealerships no longer fit our long-term strategic objectives.”
Vertu, the ninth largest dealership in the UK, also confirmed the talks in a stock market statement. It said the deal was subject to the agreement of contract terms, due diligence and various third party approvals, “therefore there can be no certainty that the potential transaction will proceed”.
