10th Nov 2014 10:13
LONDON (Alliance News) - Vertu Motors PLC on Monday said it had agreed a deal to buy two Ford dealerships and two satellite sites from Gordons (Bolton) Ltd for GBP11 million.
Under the deal, Vertu will buy the trade and certain assets of two Ford dealerships based in Bolton and Wigan, along with two satellite operations in Walkden and Horwich.
The GBP11 million consideration for the sites will be settled in cash from Vertu's existing resources, it said.
Vertu said the dealerships are expected to be earnings neutral in the first year of ownership, before starting to contribute to earnings in the financial year starting March 2016.
In addition to the dealerships, the acquisition includes four freehold properties worth a total of GBP6.9 million, Vertu said. That includes a development site in Wigan where it will build a new Ford dealership in the next six months.
Vertu shares were down 0.2% to 57.625 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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