Staff, 2022-12-08 03:36:16,
Vertu Motors has added its first Ferrari supercar and Volvo dealerships to its car retail portfolio through the £117 million acquisition of Helston Garages.
The AM100 PLC confirmed the completion of its deal to snap-up the remainder of the 40-site, £627m turnover business following its recently announced disposal of 11 Volkswagen Group dealerships to Yeomans and the Porsche Centre Exeter to Rybrook.
In total, Vertu has acquired 28 franchised sales outlets, with OEMs BMW/Mini, Ferrari, Jaguar Land Rover, Peugeot and Volvo in a move which also adds significant scale and geographic coverage of the South West to the group’s existing footprint of 160 outlets.
Vertu chief executive Robert Forrester, who recently told AM his was well-positioned to grow “anywhere at any time” after its H1 2022 trading update, said that the acquisiton further demonstrated a “long-term strategy to build scale, geographic coverage and deepen our relationships with our key automotive manufacturers”.
He added: “We are particularly pleased that we have received strong support for the acquisition from our manufacturer partners and our lending banks to support the deal.
“Volvo and Ferrari are introduced to our portfolio, which is a very proud moment for the group.”
A statement issued by Vertu Motors via the London Stock Exchange this morning (December 8) stated that the Helston acquisition is expected to be “double digit EPS accretive” for its financial year to February 28,…
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