1st Dec 2015 08:37
LONDON (Alliance News) - Car dealership Vertu Motors PLC on Tuesday said it has acquired specialist online parts retailer Who's Ace Holdings Ltd for GBP2.2 million in cash.
Vertu said the deal will accelerate its expansion into the franchised parts business and will offer synergies with its existing operations in this segment.
"This is an exciting development in a growing space, which is parallel to our core motor retail business and has synergies with it. We expect AceParts to generate an earnings stream with higher gross and net margins than those in motor retail, and we believe that the future growth prospects for this new business are substantial," said Robert Forrester, Vertu's chief executive.
Shares in Vertu were flat at 78.00 pence early Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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