Vertu continues growth in Yorkshire with another acquisition

A CAR dealership in South Yorkshire has been snapped up by Vertu Motors in a £2.4m deal.

Harratts of Wakefield’s Nissan and Volvo outlets in Sheffield have been acquired, bringing Vertu’s number of sites in Yorkshire to 12.

The assets acquired include a freehold property valued at £1.75m. Total consideration is estimated at £2.4m and will be settled in cash from the group’s existing resources.
 
Robert Forrester, CEO of Vertu Motors, said: “We are delighted to announce the next step in our growth with both Nissan and Volvo. This is the first time the Bristol Street Motors brand has been represented in the city of Sheffield, which is the fifth largest in the UK. The new outlets will complement existing group businesses in the region in Barnsley, Doncaster and Chesterfield, and brings the number of outlets in Yorkshire to 12.
 
“We are continuing to develop the group by adding to existing franchise relationships as well as exploring new manufacturer partners.  This acquisition increases the group to 106 sales and aftersales outlets and will enable us to continue to generate profitable growth for our shareholders.”

Newcastle-based Vertu Motors is the sixth largest automotive retailer in the UK and its dealerships operate predominantly under the Bristol Street Motors, Vertu, Farnell Land Rover and Macklin Motors brand names.

The group currently operates 104 franchised sales outlets and 2 non-franchised sales operations from 86 locations across the UK.