Vertu Motors PLC Completion of the acquisition of Helston Garages (0806K)
19 Dezembro 2022 - 4:00AM
UK Regulatory
TIDMVTU
RNS Number : 0806K
Vertu Motors PLC
19 December 2022
19 December 2022
Vertu Motors plc ("Vertu" or "Group")
Completion of the acquisition of Helston Garages Group
Limited
Vertu Motors plc, a leading UK automotive retail Group, is
pleased to announce that further to the announcement on 8 December
2022 and having now received FCA approval, it has completed the
acquisition of Helston Garages Group Limited ('Helston'). Helston
is a predominantly premium manufacturer automotive retail group
based in the South West of England (the 'Acquisition'). Vertu has
acquired 28 franchised sales outlets, adding significant scale and
geographic coverage to the Group's existing footprint of 160
franchised outlets. Consideration of GBP117m, net of anticipated
cash and cash equivalents of GBP65m, has been financed through a
combination of re-negotiated and new debt facilities.
The acquisition of Helston, which is anticipated to be double
digit EPS enhancing in the year to 28 February 2024, is a
continuation of the long-term strategy of the Group to drive scale,
expand into new and attractive regions and introduce new
Manufacturer Partners. Helston radically enhances the Group's scale
and reach into the South West of England. Following the
acquisition, Vertu will have 32 sales outlets in the region, up
from the current four. The Group will also welcome Ferrari and
Volvo as new Manufacturer partners.
Robert Forrester, Chief Executive Officer of Vertu Motors,
said:
"We are delighted that Vertu Motors has completed its
acquisition of Helston and 28 sales outlets, further evidence of
the execution of our long-term strategy to build scale, geographic
coverage and deepen our relationships with our key automotive
Manufacturers. I have spent much of the last week in the business,
have met many highly talented people and visited the impressive and
well invested property estate. The integration process will
commence immediately and be largely completed by March 2023."
A video of Robert Forrester discussing the completion of the
deal is available here https://bit.ly/VTUHelston .
ENDS
Vertu Motors plc
Robert Forrester, CEO Tel: 0191 491 2121
Karen Anderson, CFO Tel: 0191 491 2121
Phil Clark, Investor relations PClark@vertumotors.com
Zeus Capital Limited
Jamie Peel Tel: 020 3829 5000
Andrew Jones
Dominic King
Camarco
Billy Clegg Tel: 020 3757 4983
Tom Huddart
Notes to Editors
Vertu Motors is the fourth largest automotive retailer in the UK
with a network of 192 sales outlets across the UK. Its dealerships
operate predominantly under the Bristol Street Motors, Vertu and
Macklin Motors brand names.
Vertu Motors was established in November 2006 with the strategy
to consolidate the UK motor retail sector. It is intended that the
Group will continue to acquire motor retail operations to grow a
scaled dealership group. The Group's acquisition strategy is
supplemented by a focused organic growth strategy to drive
operational efficiencies through its national dealership network.
The Group currently operates 188 franchised sales outlets and 4
non-franchised sales operations from 142 locations across the
UK.
Vertu's Mission Statement is to "deliver an outstanding customer
motoring experience through honesty and trust".
Vertu Motors Group websites - https://investors.vertumotors.com/
/ www.vertucareers.com
Vertu brand websites - www.vertumotors.com /
www.bristolstreet.co.uk / www.vertuhonda.com / www.vertutoyota.com
/ www.macklinmotors.co.uk / www.vertumotorcyles.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQXVLLFLLLFFBL
(END) Dow Jones Newswires
December 19, 2022 02:00 ET (07:00 GMT)
Vertu Motors (AQSE:VTU.GB)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Vertu Motors (AQSE:VTU.GB)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024