Vertu signals further Yorkshire deals after acquisition
MOTOR retailer Vertu has said it wants to grow further in Yorkshire after acquiring another new dealership for £1.1m.
The Newcastle-based group has bought the well established Vauxhall outlet in Keighley operated by Walter C Brigg to add to its recent deal for the Vauxhall dealership in Harrogate and another in Carlisle.
Vertu now has 14 Vauxhall outlets as part of its network of 93 dealerships and aftersales outlets across the UK, six of which are in Yorkshire.
The cash deal for the Vauxhall dealership in Keighley includes £100,000 of goodwill in the acquisition price of £1.1m and includes a 15 year lease on the property.
The business made an operating profit of £100,000 on turnover of £8.2m in the year to September 30.
Robert Forrester, chief executive of Vertu Motors, said: “2013 has started with two acquisitions for the group following on from a very strong period of growth in 2012.
“The acquired Keighley business increases the number of outlets in Yorkshire to six as we seek to grow scale in the region. Our newly acquired businesses will be integrated into the Vertu business to drive increased profitability and to generate shareholder value.”
