Motor dealership Vertu still in the driving seat

Jul 23 2010 by Karen Dent, The Journal

MOTOR dealership Vertu is remaining on the acquisition trail despite what it called the current “weakness” in the economy.

The Newcastle-based business, which trades under the Bristol Street Motors brand and operates from 66 dealerships across the UK, has picked up 13 new sales outlets in the last 12 months. They include two in Scotland and two in Cheshire, which were added to the group at the end of last month.

Speaking at yesterday’s AGM, chairman Paul Williams said: “At the time of each acquisition a business plan is produced aimed at a material and sustainable improvement in profit from those often under-performing dealerships.

“Notwithstanding concerns about the general economic environment, we are pleased to report that the acquired dealerships are performing in line with their business plans.”

He added that Vertu was continuing to look at a “significant number of growth opportunities” as it continues with its aim of building an even bigger group. Analysts expect Vertu’s turnover to hit about £876m in 2010.