25th Jan 2016 07:39
LONDON (Alliance News) - Car dealer Vertu Motors PLC on Monday said it has struck a deal to acquire three Honda dealerships from FTSE 250-listed rival Lookers PLC for GBP2.0 million in cash.
Vertu will acquire the Nottingham, Derby and Stockton-on-Tees dealerships from Lookers and said the deal will consolidate Honda as the company's largest retail partner in Europe.
Vertu expects the dealerships to be earnings-enhancing in the first full year of ownership and said its sees some synergy benefits with existing Honda dealerships it runs.
"We are delighted to be expanding our representation with Honda in these areas which will provide us with strong marketing and other operational synergies," said Vertu Chief Executive Robert Forrester.
By Sam Unsted; [email protected]; @SamUAtAlliance
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