22nd Nov 2013 08:38
LONDON (Alliance News) - Vertu Motors PLC Friday said it has bought the trade and certain assets of two Hyundai dealerships in Edinburgh in two separate transactions from Phoenix Car Company Ltd and Archers of Edinburgh Ltd, deals that will make it Hyundai's largest UK dealership partner.
The assets include two leasehold properties situated in popular motor retail areas to the East and West of Edinburgh, it said.
Vertu estimates the total consideration to be GBP0.7 million in cash, including GBP0.3 million in goodwill.
The deals mean it now has 101 sales outlets, including nine dealerships in Scotland where it trades under the Macklin Motors name, and it has plans to make further acquisitions. It is already the biggest Honda dealership in the UK.
"This is an exciting milestone, and we are building the group's management and systems infrastructure to ensure that we can continue to grow the scale of the group and its ability to generate profitable growth for our shareholders. Vertu continues to have a strong acquisition pipeline and management anticipates further deals to be announced in the near term," Chief Executive Robert Forrester said.
"We are delighted to become Hyundai's largest UK partner. I have recently visited this manufacturer's facilities in South Korea, and it is clear that the Brand's ambition, backed by its investment in current and future products, is impressive and Vertu is well placed to be part of Hyundai's continued success in the UK," he said.
Vertu Motors shares last traded at 58 pence.
By Steve McGrath; [email protected]; @SteveMcGrath1
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