Acquisition

Vertu Motors PLC 02 July 2007 2 July 2007 Vertu Motors plc ('Vertu Motors' or the 'Group') Acquisition The Board of Vertu Motors are pleased to announce the acquisition of the trade and assets of the Ford dealership in Morpeth, Northumberland from the Jennings Group. Completion took place on 29 June 2007 with estimated cash consideration of £2.6m including a freehold property valued at £2.05m. The acquisition will be funded through the Group's existing debt facility with Barclays. The dealership will be re-branded Bristol Street Motors and complements the existing sixteen Ford dealerships operated by the Group in England, and the three existing Vauxhall dealerships in the North East of England. The Board believe that by integrating the business into the Bristol Street management structure, operational performance improvement can be generated in the medium term. In the year ended 31 December 2006 the dealership had turnover of £8.2m. This acquisition follows the acquisition of five Honda dealerships announced on 29 June 2007 and brings the total number of dealerships operated by Vertu Motors plc to 46. Commenting on the acquisition, Robert Forrester (Chief Executive of Vertu Motors plc) said, 'The acquisition of this single dealership highlights once again the consolidation opportunities in the motor retail sector. We are pleased to see expansion in the North East of England and the continued growth in the operations of the Group in line with our strategy of expansion.' Ends - For further information please contact: Robert Forrester, CEO, Vertu Motors plc, Tel: 0191 206 4617 Andrew Kitchingman, Brewin Dolphin Securities, Tel: 0845 270 8613 Jonathon Brill/Billy Clegg/Edward Westropp, Financial Dynamics, Tel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock Exchange

Companies

Vertu Motors (VTU)
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