Vertu takes a seat in Derby
Derby’s SEAT dealership has been acquired by Vertu Motors for approximately £750,000. The dealership is the second SEAT branch to be added to the portfolio of Newcastle-upon-Tyne-based Vertu, and brings the group’s total number of operating outlets to 67.
The site was formerly owned by Chesterfield-based GK Motors, an operator of Ford car dealerships.
Robert Forrester, chief executive of Vertu Motors, said the new dealership in Derby was “excellently located”.
He added: “The group has made a substantial number of acquisitions in the last year which have been integrated into the Vertu Motors management and systems platform and are on track to provide a significant boost to the group’s long term profitability.”
The Derby SEAT business had a turnover of £7.7m and a pre-tax loss of £28,000 for the year ending 31 December 2009. The acquisition is expected to be completed by Monday, 2 August.
The advisers on the deal were Brewin Dolphin Securities and Panmure Gordon.
