F&I Management & Training

Vertu Motors claims it has ambitious plans to grow its Bristol Street Motors business despite the downturn in the economy.

Chief executive Robert Forester said the group is planning further growth by acquisition although this is not likely to happen until next year.

"We don't want to be a group off 44 dealerships - it's not the right size for us in the medium term," said Forester.

"Our focus has to be on the existing business and in six months time we'll have a better idea of when we are likely to be coming out of the recession - then we'll look at acquisition opportunities."

Forrester would not say how many sites he wants to grow the group by but said the fall in freehold values over the coming months would provide the group with an opportunity to expand.

Expansion into the north of England is of particular interest to Vertu but he said he is not currently talking to any dealers about future purchases.

"The board is committed to an acquisition strategy to grow the market share of the group's operations in order to enhance shareholder value," added Forester.

"The board believes that acquisition opportunities, and the value to be created from them, will increase as the current economic slowdown progresses."

DATED: 25.10.08

FEED: MT