Vertu Aquires Baker (Crewe) Limited
30/06/2010
Vertu Motors plc, the 8th largest UK motor retailer, has today acquired two Vauxhall franchised outlets from Baker (Crewe) Limited for an expected consideration of £1.5m, of which £1.3m relates to freehold property and £0.2m to fixed assets. In a separate transaction Vertu has acquired the working capital for these two businesses, which will amount to some £2m on an ongoing basis. No goodwill has been paid.
Commenting on the acquisition, Robert Forrester, Chief Executive, said;
"We are delighted to have acquired these businesses in one of our developing geographical areas. Vertu will benefit from building a stronger regional concentration and there is considerable scope to integrate these dealerships onto Vertu's scalable platform. This acquisition provides us with excellent opportunities to strengthen the Group's relationship with Vauxhall, one of our key manufacturer partners."