F&I Management & Training

Newly formed dealer group Vertu Motors is set to acquire Bristol Street group for a total consideration of £40m. The consideration is estimated at £31m in cash and up to £9m in shares. It is anticipated that the cash consideration will be paid from a combination of new bank facilities, existing cash reserves and the proceeds of a placing of new shares. On completion the deal will see Bristol Street chief executive. Paul Williams become a director and non-executive chairman of Vertu. Completion is expected to take place on 27 March.

DATED: 01.03.07

FEED: MT