Member Article

Vertu Motors acquires Carlisle automobile outlets

Vertu Motors has acquired a network of outlets from Nissan and SEAT, operating in the Carlisle area, for an estimated consideration of £4.3m.

The company, which trades under several names including Bristol Street Motors, Macklin Motors and Vertu Honda, bought the entire share capital of Dobies (Carlisle) Ltd.

Vertu, which was founded in Birmingham in the early 1990s, said the deal was part of its strategy to increase its Northern presence.

The deal will be settled in cash using the Group’s existing resources, and £2m will be handed over along with over 3m ordinary shares in the company, worth 39 pence each.

Vertu are consequently bound to retain their subscription shares for 12 months after they are issued, which the business expects to happen by 30th April this year.

Robert Forrester, chief executive of Vertu, commented: “This acquisition extends the Group’s operations across the North of England and into Cumbria for the first time.

“These two outlets complement the Group’s existing businesses in the North of England, and in particular its Vauxhall operations in Newcastle, Hexham and Durham which are adjacent to the acquired territory. The additional SEAT outlet extends further the Group’s relationship with the Volkswagen Group.

“The Group continues to be active in identifying additional growth opportunities as it seeks to develop a scaled automotive retail operation in the United Kingdom. The Group is now the seventh largest automotive retailer measured by revenue.”

This was posted in Bdaily's Members' News section by Miranda Dobson .