Vertu Aquires Darlington Renault & SEAT
08/12/2009
Vertu Motors has bought a Renault and Seat dealership in Darlington, Co Durham from David Penman. The deal was brokered by ASE's dealermatch service, headed up by transaction manager David Kendrick.
The fast expanding dealer group paid £1.1m for Typocar Limited, trading as David Penman Cars. The price, including £400,000 of debt, was funded from Vertu's existing cash resources. The freehold property is valued at £800,000.
The acquisition of the Renault dealership brings the total number of Renault dealerships operated by the group to three and also brings the Seat franchise to the group for the first time. The dealership will be rebranded Bristol Street Motors.
Vertu now operates six dealerships in the North East of England and 58 sales outlets in total.
Vertu Motors chief executive officer Robert Forrester said: "This acquisition in the North East of England strengthens the regional presence of the Bristol Street Motors brand.
"We are very pleased to strengthen our relationship with Renault who we see very much as a key strategic partner going forward and also to commence a relationship with Seat (UK).
"This is our first partnership with a Volkswagen Group franchise and we see this as an important development and milestone."