Vertu acquires Seat site in Derby

Cash
The group said the deal covers the leasehold and vehicle stock and will not exceed £750,000. The purchase will paid in cash from existing funds.

Vertu, which is rated number nine in the Motor Trader Top 200 and trades as Bristol Street Motors in England, now operates a 67-strong network.

In the year ended 31 December 2009, the unaudited management accounts of the Derby Seat business showed turnover of £7.7m and a pre-tax loss of £28,000. Vertu said the acquisition will be earnings enhancing in the first full year of ownership.

Location
"Bristol Street Motors is already represented in the East Midlands in Derby, Nottingham, Leicester and Burton. This new dealership in Derby is excellently located and adds to our brand's presence in the region," said Robert Forrester (pictured), Vertu's CEO.

"We are delighted to expand further with Seat, which we believe is very well positioned with its exciting and expanding product range.

"The group has made a substantial number of acquisitions in the last year which have been integrated into the Vertu Motors management and systems platform and are on track to provide a significant boost to the Group's long term profitability."

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