F&I Management & Training

Vertu Motors is preparing to continue on the acquisition trail after finalising a £25 million refinancing deal with Barclays Corporate.

The new deal will allow the dealer group to refinance its existing borrowing and support its future growth plans.

Vertu has seen turnover rise by more than a quarter this year following acquisitions of 16 sales outlets.

Michael Sherwin, Vertu finance director, said: “Barclays has been very supportive of our requirements and play an integral part in our plans for future growth.

“With the new financial structure in place, we are now able to focus on further acquisitions. We intend to be pro-active in taking advantage of the opportunities the current climate presents.”

The deal was led by Barclays Corporate director, David Brind. He said: "Having a close relationship with the company’s management team and having a thorough understanding of their industry and markets, has enabled us to structure a refinance solution that fits well with the company’s strategic plans and we look forward to helping the company expand and grow."

Originally formed in 2006, Vertu Motors is now the eighth largest motor retailer in the UK following several acquisitions, including Bristol Street Motors.

The company, has 74 sales outlets, employs over 2,600 staff and is now UK wide with the recent acquisitions in Scotland.

DATED: 03.11.10

FEED: AM