Completion of Acquisition of

RNS Number : 3978Q

Vertu Motors PLC

03 August 2010

 



3 August 2010

Vertu Motors plc

("Vertu Motors" or the "Group")

Completion of Acquisition of SEAT Dealership

Further to its initial announcement made on 28 July 2010, Vertu Motors plc, the 8^th largest UK motor retailer, is pleased to announce that it has formally completed the acquisition of a SEAT business in Derby through the purchase of trade and certain assets from GK Group Limited. The consideration for this acquisition, representing predominantly vehicle stock, is £480,000 which has been settled in cash from existing resources.  This is below the maximum consideration payable of £750,000 due to the Vendor electing to retain certain elements of the vehicle stock.

This acquisition is the second SEAT dealership to be added to the Group's portfolio and will bring the total number of sales outlets in operation to 67. The new dealership is now being rebranded Bristol Street Motors.

- Ends -

For further information please contact:

Vertu Motors plc Robert Forrester, CEO Michael Sherwin, FD	Tel: [phone]
Brewin Dolphin Corporate Advisory and Broking Alexander Dewar	Tel: [phone]
Panmure Gordon (UK) Limited Andrew Burnett	Tel: [phone]
Financial Dynamics Caroline Stewart	Tel: [phone]

Notes to editors

Vertu Motors plc is the 8th largest motor retailer in the United Kingdom with 67 sales outlets forming a national network, operating predominantly under the Bristol Street Motors, Bristol Street Motor Nation, Vertu Honda and Macklin Motors brand names. Manufacturer partners are Citroen, Ford, Iveco, Honda, Hyundai, Mazda, Peugeot, Renault, Vauxhall, Chevrolet, Fiat and SEAT.

Vertu Motors was established in November 2006 with the aim of consolidating the UK motor retail sector. The Group listed on AIM in December 2006.

The Group currently operates 63 franchised sales outlets, 4 non-franchised sales operations and 2 stand alone service operations from 58 locations. It is intended that the Group will continue to acquire motor retail operations to grow a scaled dealership group. The Group's acquisition strategy is supplemented by a focused organic growth strategy to drive operational efficiencies through its' national dealership network.

www.vertumotors.com

www.bristolstreet.co.uk

www.vertuhonda.com

www.motornation.co.uk

www.vertucareers.com

www.macklinmotors.co.uk

 

END

 

 

ACQPTMFTMBIMBMM