Stellantis franchise agreements

RNS Number : 1802Z

Vertu Motors PLC

19 May 2021

 

19 May 2021

Vertu Motors plc ("Vertu Motors" or "Company")

Stellantis franchise agreements

The Group operates 27 sales and aftersales outlets with Stellantis franchises which include Peugeot, Vauxhall, Citroen, DS Automobiles and Jeep.

The Board notes the recent announcement by Stellantis regarding its intention to issue 2 years' notice of termination of their current franchise dealer agreements on 31 May 2021.  The Group has a strong relationship with Stellantis and performs operationally at a high level for its brands.

In coordination with Stellantis, the Group is currently undertaking expansion of the number of outlets operated and the Board is confident that the reorganisation of the Stellantis dealer network announced will have a positive impact on the Group's operations and the scale of its activities.

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For further information please contact:

Vertu Motors plc
Robert Forrester, CEO	Tel: [phone]
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 149 sales outlets across the UK. Its dealerships operate predominantly under the Bristol Street Motors, Vertu, Farnell 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 145 franchised sales outlets and 4 non-franchised sales operations from 115 locations across the UK.

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

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

Vertu brand websites - www.vertumotors.com / www.bristolstreet.co.uk / www.vertuhonda.com / www.vertutoyota.com / www.macklinmotors.co.uk / www.farnelllandrover.com / www.farnelljaguar.com   / www.vertuvolkswagen.com / www.vertumercedes-benz.com

 

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