Vertu snaps up SEAT dealership
Jul 29 2010 By Karen Dent, The Journal
FAST-growing Tyneside based motor dealer Vertu is to snap up another business in the Midlands.
The group, which trades as Bristol Street Motors, has exchanged contracts to acquire a SEAT dealership in Derby for £750,000. The dealership, owned by the GK Group, had a £7.7m turnover and made a pre-tax loss of £28,000 last year.
The acquisition is expected to be rubber stamped early next month and will bring Vertu’s number of dealerships to 67, including two SEAT franchises. It will be the 14th new sales outlet to be added to the group in the last 12 months
Robert Forrester, CEO of Vertu Motors said: “Bristol Street Motors is already represented in the East Midlands in Derby, Nottingham, Leicester and Burton.
“This new dealership in Derby is excellently located and adds to our brand's presence in the region. We are delighted to expand further with SEAT, which we believe is very well positioned with its exciting and expanding product range.
“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.”
Vertu, which was formed just four years ago, is now the UK’s eighth biggest car dealer.
