Lookers sells VW sites to Vertu

LOOKERS, the Manchester-based car sales and automotive parts distributor, has sold two of its dealerships to rival Vertu Motors for £3m.

The sites in Lincolnshire both sell Volkswagen cars, and in the year to the end of December 2012 reported a turnover of £20.2m and an underlying operating profit of £320,000.

The assets sold include a freehold property in Boston and a leasehold property in Lincoln.

Both VW sites are next to Newcastle-based Vertu’s existing Honda dealerships.

Robert Forrester, chief executive of Vertu Motors said: “”We are delighted to introduce the hugely respected Volkswagen franchise which commands a UK market share of 8.75% into our manufacturer portfolio.

“These two dealerships will trade as Vertu Volkswagen and are situated in locations which are familiar to us from other group operations and build on our strong presence in the East Midlands.”