Vertu Motors Acquires Litchfield Vauxhall
02/11/2009
Vertu Motors plc, the 9th largest UK motor retailer, announces that the Group today acquired the trade and assets of Lichfield Vauxhall for a cash consideration of approximately £·m from Steve Thompson Cars Limited. This includes the purchase of a freehold property for £1.675m.
The Lichfield dealership is located in close proximity to other Group dealerships in the West Midlands such as Stafford Ford and Burton Citroen. The acquisition again strengthens the Bristol Street Motors brand in its heartland of the West Midlands and increases the number of Vauxhall dealerships held by the Group to 7.
Robert Forrester, CEO of Vertu Motors said:
"We are pleased to add a further business to the Group bringing our total number of sales outlets up to 55, and our number of Vauxhall dealerships to 7. The acquisition further strengthens the regional concentration of the Bristol Street Motors brand in the West Midlands area. The Lichfield Vauxhall business fits in well with our stated strategy of building a successful, scalable motor retail group delivering shareholder value and we continue to evaluate further growth opportunities that the current market conditions present."
The deal was brokered by ASE plc's Dealermatch Manager David Kendrick, with legal advisors from DWF LLP, led by Elizabeth Delaney, also advising Steve Thompson Cars Limited. Vertu were advised by Muckle LLP.