Friday, June 29, 2007
Vertu buys Honda group in east midlands
FAST-GROWING Vertu Motors has added four Honda car outlets and one Honda motorcycle dealership.
Yesterday it paid £4.6m for Grantham Motor Company 's outlets in Grantham, Lincoln, Boston and Retford.
The acquisition includes two freeholds, one long leasehold and one leasehold property. The net asset value as at 31 December 2006 was £1.4m, which included £1.6m of property assets.
In the year to 31 December 2006, Grantham Motor Company made £0.8m of profit before taxation with turnover of £50m.
Vertu now has 45 outlets but these are the first Honda outlets in the group which, by turnover, is now the tenth largest motor retailer in the United Kingdom.
DATED: 29.06.07
FEED: AW
Yesterday it paid £4.6m for Grantham Motor Company 's outlets in Grantham, Lincoln, Boston and Retford.
The acquisition includes two freeholds, one long leasehold and one leasehold property. The net asset value as at 31 December 2006 was £1.4m, which included £1.6m of property assets.
In the year to 31 December 2006, Grantham Motor Company made £0.8m of profit before taxation with turnover of £50m.
Vertu now has 45 outlets but these are the first Honda outlets in the group which, by turnover, is now the tenth largest motor retailer in the United Kingdom.
DATED: 29.06.07
FEED: AW
