Vertu Motors announces Brooklyn asset aquisition
29/06/2009
We are pleased to announce that Vertu Motors plc, the 9th largest UK motor retailer, have acquired certain businesses and assets of Brooklyn Motors plc from administrative receivership. These include four franchised outlets and anauthorised repairer for an expected consideration of £7.9m (the maximum total consideration is £9m). The enterprise value of those businesses is estimated at £7.1m.
Highlights of the acquisition include freehold properties and operations of Worcester Ford, Redditch Ford, Redditch Mazda and an Iveco authorised repairer in Redditch. In addition, the operations of Cheltenham Mazda have also been acquired.
Commenting on the acquisition, Robert Forrester, Chief Executive, said:
"We are delighted to have acquired these businesses in one of our core geographical
areas. As a consequence we will benefit from accruing an even stronger regional
concentration."