The group last week reported operating profit before exceptional costs of £3.1m on turnover of £677.2m for the 16 month period since its incorporation to 29 February 2008.

The result was achieved despite not including the key trading month of March 2007.

Pre-tax profit before exceptionals reached £1.8m.

Chief executive Robert Forrester said: “The group has made rapid progress towards its goals of acquiring motor retail businesses and delivering organic profit improvements from these businesses.”

Vertu was founded in November 2006 but existed as a cash shell until it bought the 35-site Bristol Street Motors Group at the end of March last year and began trading under the Bristol Street banner.

It subsequently boosted its portfolio with three further acquisitions and is now the 10th largest motor retailer in the UK.

It operates 40 franchised and six non-franchised outlets, including four used car supermarkets, in the volume brand sector. Ford is its largest partner with 14 dealerships.

Vertu reported a 10.6 per cent like-for-like rise in new car sales against a stagnant UK market in its initial trading period and a 23.6 per cent hike in used car sales.

While other leading groups have honed their portfolios to focus on prestige brands, Vertu set out a strategy to buy volume businesses “with the potential for performance improvements”.