Tuesday, October 05, 2010
Vertu saves £400K on Lookers sites
Vertu Motors has hammered home the deal to buy two dealerships in Cheshire from Lookers for £3.5m, £400,000 less than the maximum considered when the deal was formally announced in September.
The leasehold dealerships are based in Altrincham (Renault and Nissan) and Macclesfield (Renault and Ford).
Vertu, under chief executive Robert Forrester (pictured), now has five Renault and 20 Ford sales outlets. The acquisition brings the Nissan franchise to the group for the first time.
In the year ended 30 June 2009, the dealerships generated a small operating loss on turnover of £22.5m.
Vertu said the dealerships are expected to be earnings enhancing in the year to February 2012.
Vertu, which now has 74 sales outlets, is set to announce its interim results on 18 October.
DATED: 05.10.10
FEED: MT
