Vertu Motors acquires its first Volkswagen dealerships for GBP3 million
Vertu Motors acquired its first Volkswagen dealership for GBP3 million. This was the company's second acquisition since its GBP50 million share placing in May.
Regarding the two new acquisitions, Robert Forrester, Vertu Motors CEO, said: "We are delighted to introduce the hugely respected Volkswagen franchise which commands a UK market share of 8.75% into our manufacturer portfolio. These two dealerships will trade as Vertu Volkswagen and are situated in locations which are familiar to us from other group operations and build on our strong presence in the East Midlands." This deal was expected to deepen Vertu Motors' relationship with the Volkswagen Group.
In addition, Vertu Motors will also be opening a new SEAT dealership in Birmingham. The company is "delighted to be opening a new SEAT dealership in Birmingham, the city where Bristol Street Motors was founded 100 years ago this year." The company now has a total of five SEAT outlets.