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Vertu Motors buys from Jennings Group

Vertu Motors has bought a Ford dealership in Morpeth from Jennings Group for £2.6 million in cash.

The deal was completed on June 29, the same day Vertu bought the Grantham Motor Company for £4.6m. It takes the group’s total dealer network to 46.

The new Ford dealership will be re-branded Bristol Street Motors and joins the existing 16 Ford dealerships operated by the group in England.

Vertu’s board believe that by integrating the business into the Bristol Street management structure, ‘operational performance improvement can be generated in the medium term’.

In the year ended December 31, 2006 the Morpeth dealership had a turnover of £8.2m.

Robert Forrester, chief executive of Vertu, said: “The acquisition of this single dealership highlights once again the consolidation opportunities in the motor retail sector.

“We are pleased to see expansion in the North East of England and the continued growth in the operations of the group in line with our strategy of expansion.”

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