Member Article

Vertu have sights on acqusitions

Gateshead-based car retailer, Vertu Motors plc, has plans to make a number of acquisitions in coming months.

Reporting a strong balance sheet in a trading update, the firm said it intends to use the position for expansion.

In the first half of the year, Vertu re-franchised the Bristol Street Motor Nation outlet in Doncaster to the Honda franchise, and introduced the Hyundai franchise to the Mansfield site acquired in June 2012.

Through August two unprofitable accident repair centres in Stafford and Dunfermline were closed; the Group now operating eight.

Robert Forrester, Chief Executive said “We are seeing like-for-like year-on-year profit growth from new and used vehicle sales and importantly from vehicle servicing.

“This has been further bolstered by profit progress from acquisitions we have made in the last few years as they have been integrated into the platform. We are focused on growth and plan to use our strong balance sheet to make a number of acquisitions in the weeks and months ahead.”

This was posted in Bdaily's Members' News section by Tom Keighley .