16th Jan 2020 11:35
(Alliance News) - Vertu Motors PLC on Thursday said it has acquired four Volkswagen AG passenger car dealerships in West Yorkshire in a deal worth up to GBP8.8 million.
The sites, in Huddersfield, Leeds, Harrogate and Skipton, will be bought from a subsidiary of Leicester-based Sytner Group Ltd unit.
Sytner is owned by US transportation firm and motor racing team operator Penske Corp.
The deal takes Vertu's total Volkswagen passenger car dealership numbers up to nine.
In Yorkshire, it has 13 outlets altogether, including for Nissan Motor Co, Renault SA, Jaguar Land Rover Automotive PLC, Honda Motor Co Ltd and Vauxhall, owned by PSA Group.
The new Volkswagen sites are expected to boost earnings starting from the year ending February 28, 2021, the first full year of trading following the acquisition.
Elsewhere, the company earlier in January opened two Hyundai Motor Co franchise outlets in the north east of England.
Vertu Chief Executive Robert Forrester said: "We are delighted with these changes to our portfolio, especially the Volkswagen acquisition. The addition of these excellent dealerships augments the group's representation of the Volkswagen brand and expands our operational footprint in Yorkshire."
Shares in the company were 0.8% higher at 36.40 pence each in London on Thursday morning.
By Eric Cunha; [email protected]
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