Trading update and further progress on Growth
1 September 2011
Vertu Motors plc ("the Group")
Trading update and further progress on Growth
Vertu Motors plc, the fast growing automotive retailer with a network of 83 sales and aftersales outlets across the UK, announces the following update ahead of its Half Year results for the six month period ended 31 August 2011.
Trading Update
Since the Trading Update provided at the Annual General Meeting held on 21 July 2011, the UK consumer environment remains both challenging and volatile. The Group has continued to trade in line with market expectations.
Portfolio Development
On 31 August 2011 the Group acquired the share capital of Widnes Car Centre (1994) Limited, which comprises a Nissan dealership in Widnes, Cheshire, and a mobility vehicle conversion business based in Batley, West Yorkshire. This acquisition takes the number of Nissan dealerships operated by the Group to four. The mobility vehicle conversion business, which includes both Wheelchair Accessible Vehicles and more tailored vehicle adaptations, previously traded under the Versa trade name and will now trade as Bristol Street Versa Mobility Solutions. The purchase consideration payable is estimated to be £3.2m which includes the freehold property of the Widnes dealership. No goodwill was paid.
The Group now operates 83 outlets comprising 80 franchised and 3 non-franchised sales outlets.
The Group will announce its Half Year results on 19th October 2011.
For further information please contact:
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Vertu Motors plc |
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Robert Forrester, CEO |
Tel: 0191 491 2111 |
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Michael Sherwin, FD |
Tel: 0191 491 2114 |
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Panmure Gordon (UK) Limited |
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Andrew Burnett |
Tel: 020 7459 3600 |
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Callum Stewart |
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Brett Jacobs |
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Financial Dynamics |
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Caroline Stewart |
Tel: 020 7831 3113 |
Notes to Editors
Vertu Motors is a fast growing automotive retailer with a network of 83 sales and aftersales outlets across the UK. Its dealerships operate predominantly under the Bristol Street Motors, Vertu Honda and Macklin Motors brand names. Manufacturer partners are Alfa Romeo, Chevrolet, Chrysler Jeep, Citroen, Fiat, Ford, Honda, Hyundai, Iveco, Mazda, Mitsubishi, Nissan, Peugeot, Renault, SAAB, SEAT and Vauxhall. The Group also now operates the Bristol Street Versa Mobility vehicle conversion business.
Vertu Motors was established in November 2006 and listed on AIM on December 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 80 franchised sales outlets and 3 non-franchised sales operations from 65 locations across the UK.
Vertu Motors group websites - www.vertumotors.com / www.vertucareers.com
Vertu Motors brand websites - www.bristolstreet.co.uk / www.vertuhonda.com / www.motornation.co.uk / www.macklinmotors.co.uk
This information is provided by RNS
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