1st Oct 2015 06:50
LONDON (Alliance News) - Car retailer Vertu Motors PLC on Thursday said it has acquired Hereford-based Audi and Volkswagen dealer SHG Holdings Ltd for GBP12.8 million in cash.
Vertu said the deal introduces Audi to its franchise portfolio and will strengthen its push to increase the volume of premium cars it sells. The deal also adds Volkswagen Commercial vehicles to Vertu's operations for the first time.
In addition to its Hereford outlets, SHG also has Volkswagen parts distribution businesses in Gloucester and Hereford and a used car and aftersales facility in South Herefordshire.
"We are delighted to announce the introduction of Audi to the group, which is a further step in the growth of our premium business, following the success of the Farnell acquisition and our subsequent profitable growth with Jaguar Land Rover. This is an example of the long-term approach we take to investing in the future success of the group," said Vertu Chief Executive Robert Forrester.
"The acquisition will be earnings enhancing and South Hereford is a strong business with a great local heritage, a reputation for excellent customer service and a strong aftersales track record," he added.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Vertu