Bristol Street Motors parent looking to make acquisitions
THE parent company of Birmingham car dealership Bristol Street Motors has said it is looking to acquire further businesses in its quest for growth.
Vertu said it was targeting both currently profitable and turnaround opportunities, many with brands not currently represented by the group.
The announcement comes after the group revealed a near 14% increase in revenue during the first half of the year.
The group, which operates 117 outlets across the country, said new car and commercial vehicle sales had both been good, while the high margin aftersales business had also had a beneficial effect on profits.
Vertu is also hoping to improve the profit contribution from the latest businesses it has acquired and identify future opportunities which offered a maximum return on investment.
Robert Forrester, chief executive of Vertu, said: “We are pleased with the way the business has performed in the period and the board is confident in the future. The recent strength of the new car market will continue to grow our high margin aftersales business. The UK economy is growing, the UK consumer is spending and new and used cars are very affordable.”
It has said its results for the year ending February 29, 2016 will be in line with current growth expectations.
The group will announce its half year results for the six month period to August 31, 2015 on October 14.
