Purchase of land and buildings in Derby

RNS Number : 3285I

Vertu Motors PLC

14 April 2022

 

14 April 2022

Vertu Motors plc ("Vertu Motors" or the "Group")

Purchase of land and buildings of existing multi-franchise site in Derby

Vertu Motors, the UK automotive retailer with a network of 159 sales and aftersales outlets, announces the purchase of the freehold and long leasehold interests in its extensive multi-franchise site located in Derby.

The Group has operated the 5.5-acre Derby multi-site since September 2012, when the trade and assets of the dealerships were acquired from Co-operative Group Motors Limited.  A lease on the premises was granted to the Group at the time of this purchase, with this lease due to expire in February 2026.

There are four separate buildings on the site, currently representing the Nissan, Skoda, Renault & Dacia and Peugeot franchises, along with a standalone Bristol Street Motornation used vehicle outlet.  The purchase of the freehold and long leasehold interests secures the long-term future of this strategically important location for the Group.

The purchase completed on 6 April 2022 for consideration of £7.1m, plus fees.

Robert Forrester, Chief Executive of Vertu Motors said:

"I am delighted to have secured the long-term interest in this important location for the Group.  The five successful sales outlets located here make a positive contribution to Group performance and are a significant part of Bristol Street Motors representation in the East Midlands."

For further information please contact:

Vertu Motors plc Robert Forrester, CEO Karen Anderson, CFO	Tel: [phone]
Zeus Capital Limited Jamie Peel Andrew Jones Dominic King	Tel: [phone]
Camarco Billy Clegg Tom Huddart	Tel: [phone]

Notes to Editors

Vertu Motors is the fifth largest automotive retailer in the UK with a network of 159 sales outlets across the UK. Its dealerships operate predominantly under the Bristol Street Motors, Vertu and Macklin Motors brand names.

Vertu Motors was established in November 2006 with the strategy to consolidate the UK motor retail sector.  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. The Group currently operates 156 franchised sales outlets and 3 non-franchised sales operations from 120 locations across the UK.

Vertu's Mission Statement is to "deliver an outstanding customer motoring experience through honesty and trust".

Vertu Motors Group websites - investors.vertumotors.com / www.vertucareers.com

Vertu brand websites - www.vertumotors.com / www.bristolstreet.co.uk / www.macklinmotors.co.uk / www.vertumotorcycles.com

 

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